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INSIDE GREG DAVID TOP STORIES Willets Point’s choreographed Condo projects ending stall; architects PAGE 11 scrounge for work ® PAGE 2 Local TV stations roiled by car VOL. XXIV, NO. 47 WWW.CRAINSNEWYORK.COM NOVEMBER 24-30, 2008 PRICE: $3.00 industry’s collapse PAGE 3 Help Efforts to aid small business Bloomberg knocked needed inadequate, late in coming PAGE 3 at ailing SPECIAL REPORT off balance NEW YORK’S Citigroup PRIVATE COMPANIES Economic crisis, budget CEO Pandit’s job G The road from public to private cuts, council battles trip up on the line as bank isn’t paved with gold for Reader’s mayor; popularity slips faces grim choices; Digest nothing is working PAGE 15 G Companies forced BY ERIK ENGQUIST to put off plans to go BY AARON ELSTEIN public as IPO market predictions that remains in deep freeze diminished stature and the sickening downward spiral PAGE 15 a hostile environment of Citigroup shares is rapidly erod- G Commodities firm awaited Mayor Michael ing support for Chief Executive climbs to top of Crain’s Bloomberg on the other side Vikram Pandit, who seems in- list of 200 top privately of his term-limits fight have come creasingly powerless to turn things held companies true—and earlier than expected. around at the banking giant. PAGE 18 In the month since he signed the bill Investors dropped the stock and that allows him to run for a third term,hard- ran last week, following Mr. Pan- ly a day has gone by without a major city dit’s move to shed 52,000 employ- employer announcing layoffs, or ees and bring $17 billion of ailing another dismal eco- structured investment vehicles

nomic indicator ismael roldan onto Citi’s books.After two days of making headlines. record declines in the value of Citi’s With tax revenues shares, he told employees that the dropping, he has pro- company would neither be sold nor posed $2.5 billion in broken up—steps that many ex- tax increases and serv- perts insist are now all but in- ice cuts, sparking anger evitable.The bank’s share value has and fear among special- shrunk 86% this year and 60% last interest groups. He has week alone. been challenged by an em- Now the bank’s future,as well as boldened City Council, and Mr. Pandit’s, is in doubt, with a his approval rating has fallen 9 possible federal takeover or fire sale BUSINESS LIVES points, to 59%—its lowest to another bank on the horizon. HOLIDAY TWIST See MAYOR on Page 7 See HELP on Page 3 Ethnic eateries put their stamp on the traditional meal PAGE 31 Top of shopping list: Save the holidays INDEX

NEW YORK, NEW YORK ______6 Restaurants, hotels, stores offer freebies, NEIGHBORHOOD JOURNAL ______9 promotions to reel in thrifty customers THE INSIDER ______12 day season. WEEK IN REVIEW ______13 BY LISA FICKENSCHER Last week, the storied property, CLASSIFIEDS ______28 AND ADRIANNE PASQUARELLI still gleaming from its $400 million REAL ESTATE DEALS ______30 renovation of almost a year ago, an- CORPORATE LADDER ______33 the plaza hotel,one of the city’s nounced a package inviting guests THE WEEKS AHEAD ______34 top tourist attractions, is doing its to stay three nights and get the third See AT DEADLINE on Page 2 TABLE TALK ______35 part to put some cheer back into one free—a savings of $775, ac- this otherwise anxiety-filled holi- cording to the hotel, which plans to run the promotion through March.

47 “It’s an opportunity to get our

5 name out there and to give some- KEN BIBERAJ thing extra-special,” says General of the Russian Tea Manager Shane Krige. Room says people The Plaza’s golden carrot is one can pick up their ELECTRONIC EDITION of many these days.Despite the re- borscht at the bar. lentless torrent of bad news, busi- NEWSPAPER

See TRYINGon Page 7 buck ennis 71486 01068 0 CNYB 11-24-08 A 2 11/21/2008 8:22 PM Page 1

BUILDING BUST IN BRIEF THE INDEPENDENT COLLEGE FUND OF NEW YORK, WHICH RAISES SCHOLARSHIP FUNDS for small liberal arts universities in the state, New construction stalls shuttered earlier this month, a victim of the ailing economy. According to a letter to its board on Oct. 30, ICFNY said support for the Offerings plunge as fund waned due to mergers and acquisition activity among corporate donors and changes in lack of loans, condo donors’ philanthropic guidelines.The 56-year- old fund had raised $40 million from major glut stop projects; donors, including the Coca-Cola Co. and HSBC. Since 1995, ICFNY established 1,200 boroughs in a bind scholarships for students. GRAND CANYON EDUCATION INC. MANAGED TO BY HILARY POTKEWITZ RAISE $100 MILLION THROUGH AN INITIAL public offering Thursday—the first U.S. filings of offering plans for new con- company to issue an IPO since August. Its dominium sales in New York City—an bankers at Credit Suisse and Merrill Lynch had indicator of the number of units about to to cut the Phoenix-based company’s offering hit the market—plunged in October price three times in order to find enough compared with year-earlier levels, ac- buyers, and the stock, which is listed on cording to the latest data from the state Nasdaq, ended the week essentially flat. Few attorney general’s office. companies are expected to follow its lead any There were 30 offering plans filed for time soon. A story in the current issue of Crain’s new condo buildings in October, a 33% that went to press earlier last week incorrectly drop from the 45 filed during the same states that no companies have gone public since month last year. Aug. 8. Fewer offerings are being filed be- cause more and more residential devel- MORE THAN 25% OF THE 200 OFF-OFF- opers are pulling the plug on their build- BROADWAY THEATERS HAVE CLOSED IN THE ing projects in the face of shrinking past five years, according to a new study by construction loans and the glut of units the New York Innovative Theatre already on the market. Foundation. The closings, mostly in the heavily populated theater districts of midtown Grinding to a halt and the West Village, include the Perry Street “a lot of the residential jobs are stop-

Theatre and actor Michael Imperioli’s Studio ping right now,” says Raymond buck ennis/chart: lindström bekka Dante. Most of the venues closed because of McGuire,managing director of the Con- rent increases, but in some cases, theaters tractors’ Association of Greater New same quarter a year ago. residential construction over the sum- weren’t offered the option to renew as their York, which counts the city’s largest The results are visible all across the mer. The scene is quite different now. spaces were turned into luxury-condo or builders among its members. city, as once-bustling construction sites “When you come off the Brooklyn office developments. After more than three years of double- have fallen ghostly quiet. Bridge into Boerum Hill, a lot of those digit growth in filings for new condos in Mr. McGuire estimates that until re- sites have come to a dead standstill,” says LEADERS OF THE RESTAURANT INDUSTRY ARE New York City, the market started its cently, there were 50 or so large residen- Matthew Kaplan, principal of Matthew ALREADY MAPPING OUT A STRATEGY TO BOOST slump in 2007, when sales applications tial projects under construction in Man- L. Kaplan Architects in Park Slope. business next year. Restaurant Week, a popular for both new construction and conver- hattan. He can list six that have been put semiannual promotion, is being extended in sion dropped by 20%. on hold in the past few weeks. Postponements sought January to include Sundays for the first time. That slide shows no signs of letting “Some are in the foundation stages, his firm has been doing custom resi- The three-course meals will cost the same in up.Through October of this year,386 of- but [in one case,] when the developer lost dential work in the neighborhood for 2009 as they did this year: $24.07 for lunch and fering plans were filed, versus 429 in the the bank financing, that was it. He pad- more than 30 years. Mr. Kaplan had four $35 for dinner. first 10 months of last year, according to locked the gate,” adds Mr. McGuire. projects lined up to start this winter, but data from the AG’s office. The slowdown is being felt more a couple of clients are talking about post- vol. xxiv, no. 47, november 24, 2008—Crain’s New York Business The numbers for condo conversions poning until next year, he says. (issn 8756-789x) is published weekly by Crain Communications acutely in the boroughs beyond Manhat- Inc., 711 Third Ave., New York, NY 10017. Periodicals postage paid show an even sharper downturn. In this tan. Last year’s rezoning of broad swaths “I’ve always been lucky to have proj- at New York, N.Y. and additional mailing offices. Postmaster: year’s third quarter, just six offering plans of Queens and Brooklyn,plus a change in ects on my drawing board,but now, that’s Send address changes to: Crain’s New York Business, Circulation Department, 1155 Gratiot Avenue, Detroit, MI 48207-2912. for were filed, down from 26 filed during the tax abatement laws,prompted a frenzy of not the case,” he adds. subscriber service: Call (888) 909-9111. Fax (313) 446-6777.$3.00 a copy, $59.79 one year, $109.79 two years. (GST No. 13676-0444- RT) ©Entire contents copyright 2008 by Crain Communications Inc. All rights reserved. MISERY METER Architects run for shelter

Weekly reading on the direction of the roughly 10% of the firm’s total in New But architects fear their traditional city’s economy. Fear usual strategies York—were suspended or canceled in the coping strategies will fall short as the won’t work as crisis goes past five months. That forced Perkins economy craters. For example, they note POSITIVE NEGATIVE Eastman to lay off about 40 workers, or that as the recession spreads globally, global; financing scarce 10% of the staff—an action unprece- work is evaporating in former construc- + CLOUDY - dented in the company’s 24-year history. tion hot spots like Dubai and China. Ar- “We always knew the business chitects also worry that clients S BY THERESA AGOVINO Y T ran in cycles,” says Mr. Perkins. that have long provided lifelines, O N R “But what surprised me is how 10% such as municipalities, universi- N M U architect bradford perkins has en- the effects of this downturn came OF PERKINS ties and hospitals, will retreat as Y S dured three recessions in his 39-year ca- on so fast.” EASTMAN’S donations and taxes shrivel. staff was laid reer, so when business started slowing As both office and residential off in the past In October, the Architecture earlier this year, he acted quickly to bol- development in the city grinds to five months Billings Index plummeted to ster revenues. The chairman of Perkins a halt, architectural firms are 36.2,its lowest level since the sur- -0.7% +37% -15.0 % Eastman, the city’s largest architectural scrambling to find more work. They are vey began in 1995. Any score below 50 CHANGE in NY-area SPIKE in number of BLOOMBERG/ firm, opened two more international of- lowering their fees, chasing smaller proj- indicates a decline in billings.The index, consumer price people on CRAIN’S NY stock index in October, unemployment in index weekly fices and hired two renowned architects ects, seeking more international assign- calculated by the American Institute of biggest in nearly NYS in October change to help win more commissions. ments and bidding on more institutional Architects, is considered a leading indi- 53 years (NYS Dept. of Labor) While the firm was searching for contracts to generate revenues—all cator of construction activity. more business overseas, activity was tried-and-true methods employed dur- One area that architects traditionally See ARCHITECTS on Page 7 - METER CHANGE from previous week tanking at home. Twenty projects— ing past economic slowdowns.

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TV ad sales in tailspin Support for small whom would comment for this ar- Detroit’s woes ticle—though they have seldom seriously damage shied away from promoting their ratings and disparaging their ad- firms lags local TV; revenues versaries’ in the press. sink 33% in October But the ongoing upheaval is forcing them to play together. Federal, local aid for BY MATTHEW FLAMM Teaming up to save costs nbc local media and Fox Televi- jobs-generating firms in the past decade,New York’s sion Stations have teamed up in an afterthought television stations have survived Philadelphia to create a local news lousy network programming,a van- service, including a helicopter and ishing prime-time audience, media camera crews, that will provide BY JUDITH MESSINA fragmentation, the economic fall- footage for each other’s newscasts out of Sept. 11 and a writers’ strike. there. Launching in January, it will federal and local governments Whether they can make it eventually be rolled out to other are taking the first steps to provide through Detroit’s collapse is anoth- markets,including New York,where government aid for small businesses er story. OUT OF GAS: Car both broadcasters have stations. struggling in the midst of the credit With the nation’s carmakers and ads like this one for Observers expect lots of other crisis and the souring economy, but dealers in economic freefall, local GM’s Cadillac are in unusual arrangements down the small business advocates say the ef- TV’s biggest advertising category shorter supply on road. forts remain inadequate. has plowed into a wall. local TV these days. “The question is, what’s normal Last week’s proposal by Sens. Industry insiders report that ad anymore?” says Bill Carroll, pro- Charles Schumer and John Kerry revenues for New York’s six Eng- gramming director for consulting for $620 million in aid for small lish-language stations plunged a erated millions of dollars that their dia buyers don’t see the business re- firm Katz Television Group. businesses was the first sign that historic 33% in October. The only network owners could use for high- covering anytime soon. The falloff in advertising, which small businesses might expect help worse month was September 2001, priced programming. New York TV “Even if things turned around, began earlier in the year, has taken from the federal government. Lo- when revenues plummeted 45%. billings totaled a healthy $1.5 billion it’s not going to be where it was last a toll on parent companies, partic- cally, Mayor Michael Bloomberg Stations are expected to end the in 2007, according to telecom re- year for a long time,” says Laura ularly CBS Corp. and News Corp., two weeks ago revived a small loan year down as much as 15% to 20%. search firm BIAfn.Though the sta- Kollappallil,associate director,local which have the two largest station guarantee program to encourage tions are still profitable, that model broadcast, at ad agency RJ Palmer. groups. banks to lend to small businesses. Business model slammed has been kneecapped by competi- The market’s troubles are a sore CBS took a $14 billion write- “The political class and policy for decades, proud flagships like tion with cable and the Web, and subject for the station’s fiercely down on its television and radio as- makers aren’t focusing on what they WNBC, WCBS and WABC gen- slammed by a reeling economy.Me- competitive executives, none of See LOCAL on Page 8 See AID PLANS on Page 8

Help 5 CANDIDATES FOR TOP SLOT BRADY DOUGAN CEO, Credit Suisse Group JOHN THAIN STRENGTHS Wins plaudits for helping his bank avoid the wanted worst of the financial crisis and for smoothing rifts between the CEO, Merrill Lynch firm’s gunslinging NY investment bankers and its risk-averse STRENGTHS Citigroup unsuccessfully tried private bankers in Zurich. Runs a global powerhouse. at Citi to land him as CEO last year, before turning to WEAKNESSES His background is uncomfortably Vikram Pandit. With Merrill about to be similar to Mr. Pandit’s—lots of years in investment swallowed by Bank of America, Mr. Thain might banking and not much else. Only in his post 18 mos. Continued from Page 1 want to run his own show. In his brief tenure, he ap images By all measures, Citi is damaged saved Merrill from Lehman Brothers’ fate by goods.The bank has posted net loss- jettisoning billions in toxic assets. “He’d MARJORIE MAGNER es of $20 billion over the past four absolutely be the top choice,” says a recruiter. quarters, and the bleeding goes on. Partner, Brysam Global Partners Deutsche Bank analyst Mike Mayo WEAKNESSES He has no experience in forecast last week that Citi will lose commercial banking, and it could be hard to STRENGTHS Was CEO of Citigroup’s vast consumer $1.5 billion in 2009. pry him away. He’s been named president of banking unit until she left in 2005 after a nearly 20-year In Mr. Pandit’s defense, Citi has BofA’s global banking, securities and wealth- career. She knows the organization better than almost lots of company. The sinking econ- management business, which arguably is a anyone and ran the division responsible for the majority of omy is undermining all financial in- bigger job than he had in his one year at the its revenue. stitutions. helm of Merrill. WEAKNESSES She’s closely associated with former Global player bloomberg news CEO Sandy Weill and would mark a return of the old regime citi insists the situation is under ROBERT KELLY at a time when Citi desperately needs to move forward. control. A statement from the bank bloomberg news last week said: “Citi has a very strong CEO, Bank of New York Mellon capital and liquidity position and a WILLIAM DEMCHAK STRENGTHS His institution has deftly sidestepped the unique global franchise. We are fo- Vice president, PNC Financial Group cused on executing our strategy, in- credit crisis. He also boasts an extensive background in cluding our targeted expense and leg- managing big commercial banks, having served as CEO of STRENGTHS A young rising star at 46, he has already acy asset reductions, and we believe Mellon Financial and CFO at Wachovia. He’s also helped established an impressive record. Before coming to PNC, he the benefits will be seen over time.” knit together a lot of banks after mergers—a skill Citi sorely was global head of structured finance and credit portfolio at At this point, however, time is needs. J.P. Morgan Chase. Today, he oversees Pittsburgh-based PNC’s running out for Citi as an independ- corporate and institutional relationships. He is also sits on the WEAKNESSES Only a year into his ent institution and just as short for board of Manhattan-based money manager BlackRock. Mr. Pandit. biggest project yet—integrating Bank of After canvassing investors, ana- New York and Mellon—he could well decide WEAKNESSES He has served as CFO of PNC, which lysts and recruiters,Crain’s compiled that turning around Citi is a headache he has just $146 billion in assets. That’s a fraction of the a list of five potential successors. doesn’t need. size of Citi, which has $2.1 trillion in assets. bloomberg news One caveat: The universal top pick, ap images former Citi banker-turned-J.P. Morgan Chase chief Jamie Dimon, Rankings Hot prospect Solid contender Dark horse already has his hands full.

November 24, 2008 | Crain’s New York Business | 3 CNYB 11-24-08 A 4 11/21/2008 8:18 PM Page 1

Payday from bailout business IN THE MARKETS proves elusive for law firms edited by Erik Ipsen

Run-of-the-mill REACHING INTO TREASURY’S CHEST work is largely done Celgene’s prescription delivers TARP-related contracts with NY law firms. at lower hourly rates ompanies whose shares have risen this year are a rare SIMPSON THACHER & BARTLETT $300,000 breed. Celgene is one, and with good reason. Its stock BY HILARY POTKEWITZ HUGHES HUBBARD & REED $5.5 million has gained 3%, SQUIRE SANDERS & DEMPSEY $5.5 million C even after tumbling law firms across the city are organ-

lion. But more than a month after That is certainly the case for the tapped to help shepherd the approx- blockbuster cancer istockphoto Congress approved the Troubled firms chosen by Treasury in October imately 2,000 regional banks and Assets Relief Program, it is becom- to set up TARP. Those contracts other small financial companies drug Revlimid, which has posted eight straight quarters of ing increasingly clear that the rescue have been done at billing rates 80% through TARP.The job is expected double- and even triple-digit profit gains. Analysts expect the will not be the bonanza many firms lower than normal. to eat up thousands of staff hours, biotech firm, based in Summit, N.J., to thrive on sales of are hoping for. yet fees were capped at $5.5 million Revlimid—which costs $6,000 a month—and its other cancer To begin with, the federal gov- Huge discounts for each firm. ernment is determined to hold its for example, Simpson Thacher & Such disappointments come on drugs,Thalomid and Vidaza. costs for outside counsel to a mini- Bartlett was selected to provide the top of others.Per-partner profits are In October, Celgene reported better-than-expected third- mum—after all, this is the Treasury department with six months of ad- projected to come in at least 10% quarter earnings. They more than doubled from a year earlier, Department,not the Pentagon.Sec- vice, a total of 3,760 hours, for lower this year than last, according to $136.8 million, or 29 cents a share. Revenues surged 69%, to ond, much of the private-sector $300,000. That works out to an av- to legal consulting firm Hildebrandt work will consist of advising crippled erage of $80 an hour, a fraction of International.The decline is largely $592 million. In a statement that gave shareholders goose financial institutions that are in no the Manhattan-based firm’s typical a result of the falloff in Wall Street bumps, management said it expects to beat its forecasts for condition to pay top dollar for coun- hourly charges, which range from assignments, from advising on cor- profits of $1.50 a share and revenues of $2.2 billion for the sel. Finally, the old-fashioned advi- $300 for associates to $900 for part- porate mergers to structuring debt sory that will be required doesn’t ners. instruments. full year. race for the exits, which pushed the carry the outsize payoff that compli- “Let’s just say that Treasury will Law firm layoffs began late last “Celgene owns worldwide rights stock down 16% for the week.It now cated corporate mergers do. use moral suasion to indicate to year. About 450 New York lawyers to its lead products,which we expect trades at a rock-bottom 4.4 times “This is not going to be a feeding [firms] that they will accept its have since lost their jobs, and the to drive top- and bottom-line per-share earnings,slightly over half frenzy,” says Bill O’Conner, head of terms,” says Steve Ratner, co-head number is expected to swell in com- growth in excess of 29% through the PE of Polo Ralph Lauren and the financial services group at of the financial service practice at See LAW FIRMS on Page 7 2011,” says a recent report from less than a third of that of Jones Ap- Lazard Capital Markets. parel. Recently S&P slashed its 12- Even rival drugs, like Vicade month price target from $44 a share from Millennium Pharmaceuticals, to $18. have not slowed Revlimid sales, which were up 72% in the third quarter year-over-year. As Revlim- CIT’s bank bid 757THIRD id is introduced in more overseas no panacea RFR Realty, LLC markets, Celgene expects demand is pleased to announce that to continue. cit’s bid to become a bank—-and —amanda fung grab a fistful of federal bailout dol- KPMG LLP lars—isn’t exactly a big hit. Shares has renewed its lease of the erst- PVH warning while com- triggers exodus mercial fi- Small Spaces Available nance from 4,100 sf to 6,000 sf last week, Phillips-Van Heusen, heavyweight Multi-million dollar renovation the nation’s largest shirtmaker, beat tumbled complete with new entrance analysts’ expectations by posting a 56% last and lobby. Renovation of mere 12% drop in quar- week, clos- elevators in progress. terly profits. Sales, led ing the week by its Calvin Klein at $1.83— brand, actually light-years from their high of $61 rose slightly. just before the credit crisis dawned But manage- in the summer of 2007. Like every- ment’s body else, CIT needs rescue money warnings to survive. The bizarre thing is that about dark- before it can qualify as a bank in dire er market need, CIT must boost its capital ra- conditions tios and raise $1.4 billion by selling ahead were shares and notes. Given the per- Steve P. Morrows 212.751.5480 enough to formance of the stock, that looks [email protected] trigger a like a mighty tough feat. Oliver Katcher 212.883.0526 [email protected] www.RFRrealty.com NEW FACE EMERGES AMONG LOSERS Car rental giants Hertz and Avis Budget—badly banged up this year—were joined in the cellar last week by SL -58.9% Green, the city’s largest -67.0% -63.1% landlord, over fears of a commercial property bust. Hertz Avis Budget SL Green

4 | Crain’s New York Business | November 24, 2008 CN012568 11/19/08 5:05 PM Page 1

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NEW YORK,NEW YORK edited by Valerie Block We are pleased to have represented

Big bets, big payoff lon schwartz once eked out a living hustling chess in city parks. Earlier this month, the Brooklyn native won big in the World in the sale of office properties totaling YSeries of Poker, finishing fourth and taking home $3.8 million. Not bad for a Borough of Manhattan Community College dropout. 210,000 SF at Though he thought he had a good chance of going all the way, Mr. Schwartz is still pleased with the outcome. “I came out guns blazing. I played more aggressively than people thought I 100 and 120 White Plains Road ap imageswould,” he says. Before the tournament, he mused that if he won the Tarrytown, NY $9 million top prize, he’d “disappear for a while.” Now, however, the 38-year-old says that $3.8 million might not be enough of a cushion. “It looks like I may still to Juster Development Company have to work for a living.” For the time being, he’s still in Las Vegas, completing the paperwork necessary to get his check. He’ll then visit friends in Florida before he Andrew Merin, David Bernhaut, Gary Gabriel and Jose Cruz represented the seller in this transaction. returns to New York and gets back to the poker biz. Financing for the buyer was arranged by Steve Kohn, Rock station Mr. Husni notes that lately, places to catch the HIV virus, Alex Hernandez and Chris Moyer of launch action has picked up. which is on the rise—infections September saw 67 entrants, increased 33% in New York City Cushman & Wakefield Sonnenblick Goldman. isn’t on roll including Guitars and Gaming and men under 30 from 2001 to 2006. insiders at Emmis New York are lesbian lifestyle title Jane and Jane, But clinics at two locations, run kvetching over the dismal ratings compared with just by the Men’s Sexual Health at the company’s WRXP-FM. 31 a year ago. Project, along with NYU The rock station, which debuted October saw 74, just Langone Medical Center in February, ranked 29th by share shy of the 93 a year and Bellevue Hospital, in October’s Arbitron ratings earlier. “Every time are having success in survey. Its predecessor, smooth jazz the economy is educating patrons, CD101.9, was often in the top 10. bad, we see according to an NYU “Advertisers say they’ll buy innovation,” Mr. report released last week. spots in a PennySaver before Husni says. The clinics in the they’ll advertise on RXP,”gripes an Of course, Eastside Club on First exasperated staffer. “We’re selling most of the Avenue and the Westside 30-second spots at night for $30.” innovators are Club in Chelsea are also Emmis New York’s new going to the testing about 85 men a week. general manager, Alex Cameron, Web these days. But Mr. NYU’s Dr. Demetre Daskalakis, stands by the format and denies Husni isn’t ready to cede all to the who started the facilities as a part that ads are going for peanuts. digital wrecking ball. Print will go of research project two years ago, Media buyers, however, remain away, he says, “when we don’t have says clients might otherwise avoid skeptical about RXP’s prospects. human beings.” getting tested. “I don’t think it’ll be around a “There’s a stigma attached. But whole lot longer,” says Mark when they see a doctor in the Lefkowitz, media director at Clinics come middle of a sex club, these men Furman Roth Advertising. to bathhouses know they aren’t going to be Rumor has it that ESPN judged,” he says. “Anyway, where might take over the frequency. But despite years of efforts to rein else can you get an HIV test at a new format won’t help much. them in, it’s still all sex, all the 1:30 a.m.?” Weiser The monthly Miller Kaplan & time at many of Manhattan’s gay Arase audit revealed that ad bathhouses. Such venues are likely Contributors:Matthew Flamm,Gale Scott revenue for the New York The Definition of marketplace fell 19% in October, a Excellence in Tax Support source says. & Recovery Services Magazines still Weiser’s Tax Support & Recovery Services practice is comprised of professionals with extensive knowledge of and experience with the tax springing up rules applicable to distressed companies and the tax reconstruction of their books and records, including: continuing a trend, three • Tax Compliance • Accounting Issues magazines bid adieu last week, • Tax Reconstruction • Supporting Documentation most notably PC Magazine, which • Knowledgeable Personnel • Burden of Proof goes all-digital come January. But • Providing Solutions • Third-Party Documentation it’s not all doom and gloom in the • Record Retention • Internal Controls print world, at least according to • Data Storage & Computer Systems Samir Husni.The University of For more information, contact Mark Farber at 212.375.6559. Mississippi journalism professor, also known as Mr. Magazine, tallies Weiser LLP PETA CONTINUES its crusade against horse-drawn carriages with a new ad Certified Public Accountants monthly launches at featuring actress Kristen Johnston imitating Lady Godiva. The ad is appear- OFFICES: New York City | Long Island | Westchester | New Jersey Mrmagazine.com.Though debuts dropped 14% through October, ing on 100 taxicab tops around town, among other spots. © 2008 Weiser LLP – All Rights Reserved www.weiserLLP.com versus the same period last year,

6 | Crain’s New York Business | November 24, 2008 CNYB 11-24-08 A 7 11/21/2008 8:48 PM Page 1

Point in Queens, and he reached an Mayor off balance agreement to buy Coney Island land from a developer whose plan for the amusement area differed greatly KEN GIDDON, owner Continued from Page 1 acumen. from Mr. Bloomberg’s. of Rothman’s, is sending out weekly point in three years. Council members and the may- Before term limits were extend- e-mails to longtime “The term-limits fight did sig- or often see the city differently. ed, the developer appeared content customers. nificant damage to his image as Members, who get more direct to wait for another mayor to take the someone who was above the normal feedback from constituents, tend to reins in 2010. On Willets Point, 31 political fray,” says lobbyist Richard take a more parochial view, while council members had signed a letter Lipsky, a frequent critic of the may- the mayor takes a broader view and opposing the threat of eminent do- or’s. “It’s not so much that he’s hav- at times can seem insensitive to in- main by the mayor, who was then a ing more missteps than before; it’s dividual concerns. lame duck. that people are willing to challenge The council has perhaps become But given the economy, it will be him because they don’t see him as more aggressive in opposing the years before anything is built. sacrosanct.” “All of these dreams are con- The mayor hasn’t made life any fronting a harsh reality,” says easier for himself by withholding ‘The term- Baruch’s Mr.Muzzio.“It’s just obvi- the $400 tax-rebate checks he had ous that they can’t happen.” promised to homeowners, and ad- limits fight The mayor is even catching grief vancing a plan that could close some for projects that are happening, senior centers. did damage namely stadiums for the Mets and “People are literally scared in the Yankees, which are being fi- New York, and no group more than to his image’ nanced by tax-free bonds while the seniors,” says Councilman Eric city is starving for tax revenue.

buck ennis Gioia, D-Queens. “The teams are getting a subsidy After teaming up to pass the from the public,” Mr. Muzzio says. term-limits extension, the council “The stadiums may be physical Trying to save and the mayor have been at odds. legacies, but they’re real problemat- Council members have filed a law- mayor’s service cuts and tax increas- ic from a policy point of view.” suit to save the rebate checks and es now that most of them will be Mayoral aides dismiss the notion blasted the changes to senior servic- running for re-election next year. that Mr. Bloomberg is particularly holiday season es.Brooklyn Councilman Lew Fid- They’re especially sensitive to sen- embattled. ler said that the mayor’s responses iors. He faced a large budget deficit portrayed a “let them eat cake” atti- “This is not only the most vul- early in his mayoralty and raised Continued from Page 1 experience but can’t afford a lunch or tude toward struggling New York- nerable of populations, but this is property taxes,then watched his ap- nesses across the city are not yet dinner here,” says General Manager ers. also the most politically active com- proval rating plunge. He endured ready to give up on what is expected William Zambrotto of the buffet. “The honeymoon didn’t last very munity in our city,” says Council- withering condemnation during his to be the worst shopping season in The tony tourist attraction is long,” says Doug Muzzio, a public man James Vacca, D-Bronx. “Se- bid to implement congestion pric- nearly two decades. hoping the new services will help affairs professor at Baruch, noting niors vote.” ing, which was shot down by the Stores, restaurants and hotels are make up the $500,000 in catering the irony that a month ago, council In some cases, the prospect of a state Legislature in April.And there looking beyond the traditional sales it has lost this season due to members—most of whom benefit- third term has helped the mayor.He has never been a shortage of critics blowout sales to save the most im- canceled holiday parties. “We are ed from the extension of term lim- was able to get council approval for hectoring him at City Hall press portant profit-generating quarter of definitely looking at these initiatives its—were praising the mayor’s fiscal a controversial rezoning of Willets conferences. the year from the Grinch.Free cock- to help us generate extra revenues,” tails, new takeout menus and mar- adds Mr. Zambrotto. keting tailored to individual cus- Ditto for Mr. Valenti, who has Ehrenkrantz Eckstut & Kuhn Ar- tomers abound. added breakfast service to Cafe Architects scramble chitects, is taking to the road to “There’s no silver bullet,” says Centro, a popular business lunch drum up more business. Last week, Nick Valenti, chief executive of spot near Grand Central.The veter- he flew to Los Angeles to discuss Patina Restaurant Group, which an restaurateur is also introducing Continued from Page 2 tors that influence their business, with local colleagues how they can owns 13 restaurants in Manhattan. an à la carte menu on New Year’s Eve count on to carry them through re- such as clients’ ability to get financ- capitalize on the city’s plans to build Indeed,the hurdles are daunting. at three of his restaurants— cessions—government construc- ing, are beyond their control. So more schools. Hotel room occupancy rates over Brasserie, Sea Grill and Rock Cen- tion—is in danger of being curtailed they concentrate on other aspects Recently, the firm formed a joint the first two weeks of November ter Café—to appeal to revelers who because municipalities are having during tough times. venture with two Washington, dropped 14% in the city, compared would be turned off by the tradition- difficulties getting bonds approved Mr. Perkins’ response to tough D.C.-based engineering firms and with the same period last year, ac- al, pricey prix-fixe packages. to finance projects, the institute times has been to rev up marketing, just won a bid to build a school there. cording to research by J.P. Morgan Clothing retailers are relying on says. but he says that even with his in- “We are out there. We are can- Equity and Smith Travel. A Siena clever or old-fashioned marketing “This is unprecedented,” says creased sales efforts, the company’s vassing,” says Mr. Eckstut. Research Institute poll last week ploys now more than ever. J. Crew’s Kenneth Drucker, senior principal revenues could fall 10% next year. Despite his strenuous marketing showed that 53% of New Yorkers casual division, Madewell, recently at architecture firm HOK New The decrease will be larger if the efforts, the firm laid off 10 people— plan to cut back on holiday spend- began holding special sales parties York. “Usually when one business economy further curdles, he says. about 10% of the New York staff— ing this year, up from 35% last year. on a monthly basis,luring customers dries up, another takes its place.” “What I learned over the years is in the past six weeks because work is with complimentary brownies and New York City’s gloomy finan- that you shoot your way out of the slow. Tony take out martinis. To promote the events, cial outlook unnerves architect Paul recession,” he says. “You’ve got to Robin Klehr Avia, a managing two of the city’s most prominent Madewell uses popular networking Eagle because his firm was tapped to put a lot more emphasis on selling.” partner of Gensler,is in a similar sit- restaurants, Tavern on the Green site Facebook and offers coupons for design the new police academy in Mr.Perkins’new marketing tools uation. and the Russian Tea Room,are hop- 15% off to Facebook “friends.” Queens. include offices in Ecuador and India. “The problem is 20 firms re- ing new takeout menus will attract Rather than wait for shoppers to “I check my e-mail every day to He’s also hoping clients will hire his spond to RFPs,” she says. the few still willing to spend. come in and browse the racks at 22- make sure it is still on,” says Mr. Ea- two recent additions: Steve Rosen- Like other firms,Gensler has cut At the Russian Tea Room,diners year-old Rothman’s, owner Ken gle, the principal of Perkins+Will’s stein, who specializes in designing its fees but has still lost business. can easily fork over $100 per person Giddon is sending out weekly e- New York office. “We are moving science and research facilities, and Ms. Klehr Avia says that in the last to feast like a czar. To cater to the mails to longtime customers, offer- ahead, but you hear the news every Thomas Fridstein,who is known for six weeks, 10 projects have either newly frugal, the eatery this month ing them customized discounts. day and you get nervous.” his international expertise. been scaled back, canceled or sus- began offering an $18 borscht to go. “I’m relying on the equity we’ve built Architects note that many fac- Stanton Eckstut, principal of pended. It also added a high tea service for up with our customers over the $50 per person, and a trio sliders is years,” says Mr. Giddon. now available at the bar for $25. Shoppers who spend $50 at Go- The first task was to immerse “People can pick up their borscht diva Chocolatier’s 14 Manhattan Law firms’ payday themselves in the details of the leg- at the bar,and it gives them a chance stores will get a $10 gift card, good islation, which seem to be changing to see how beautiful the Tea Room through February. It’s the high-end by the minute. is,” says Vice President Ken Biberaj. confectioner’s first such card. Continued from Page 4 Relief Program came along with “There’s a lot of work associated Its Central Park neighbor is The retail community is keenly ing months. hundreds of billions of dollars in fi- with staying on top of this rapidly plunging headfirst into takeout with aware of the bleak outlook for 2009. A recent pickup in bankruptcies nancing, specialty groups sprouted changing environment,” says Mike an entire Thanksgiving meal for up “I’m more worried about January and and litigation against failed invest- up all over New York. Bryan Cave, Gambro, a partner at Cadwalader. to 12 people, called Tavern to Go. February,” says chef Jean-Georges ment banks is providing some activ- Cadwalader Wickersham & Taft, James Gerkus, a partner in Next month,Tavern on the Green is Vongerichten, who bowed to eco- ity, but those billings pale in com- Cleary Gottlieb Steen & Hamilton, Proskauer’s TARP group, says, introducing a breakfast buffet for nomic pressures last month by intro- parison to the payoffs generated by and DLA Piper are among the firms “We’re busy telling clients what the $19.95 per person. ducing a $35 three-course prix-fixe assembling Wall Street deals. that have assembled such teams in rules are—and what we think they “Some people want the Tavern dinner at his eight local restaurants. So when the Troubled Assets the past month. might be.”

November 24, 2008 | Crain’s New York Business | 7 CNYB 11-24-08 A 8 11/21/2008 8:19 PM Page 1

SMALL BUSINESS

SBA LOANS Community banks step up Activity by major New York City SBA lenders. Oct. 2007 Oct. 2008 Number Dollars Number Dollars as big lenders pull back J.P. Morgan Chase 163 $7,937,800 25 $2,094,000 Banco Popular North America 36$1,165,000 5 $797,000 Smaller institutions Elena Sisti. “We have a lot of mon- Citibank 32 $1,475,000 0 $0 SOURCES ey to lend.” go for choice loans; So does another new bank, Her- Source: Small Business Administration OF CASH itage, which is opening Monday, no cure seen yet Community banks Nov. 24 and plans to focus on loans for the ailing market marketing heavily to between $3 million and $5 million. small businesses: New York Commercial Bank, Aid plans lagging which has 38 branches in the New BY ELAINE POFELDT Carver Federal Savings Bank York area, projects that its commer- carverbank.com cial and industrial portfolio will Continued from Page 3 helped small businesses with low- raeg strong was Heritage Bank grow by about 15% between the end can do to help [small businesses],” interest loans after the Queens flummoxed recently heritagebankny.com of 2007 and September 2008, with says Karen Kerrigan, president of blackout in July 2006 caused tens of when a major bank small business loans in the $250,000 the Virginia-based Small Business millions of dollars in losses, and a nixed a loan applica- New York Commercial Bank to $3 million range fueling growth. & Entrepreneurship Council. year later when a steam pipe explo- tion from Ariel Part- licb.com Carver Federal Savings Bank in “What’s going to get us out of this sion outside Grand Central Station Cners, his Manhattan IT consulting Savoy Bank banksavoy.com Harlem projects a 15% increase in mess in terms of wealth creation and shut down hundreds of businesses firm. Although one of his clients is small business loans this year, with job creation is entrepreneurs.” for weeks. istockphoto the bailed-out AIG, his eight-year- most deals in the $100,000 to $2.5 In New York City,in fact, at least old concern is thriving and prof- York Commercial Bank, which is million range. 50% of private sector jobs are in What the bailout left out itable, thanks to its work for a city part of New York Community Ban- The community banks’ interest small businesses.In New York state, this time around, small business- agency and the federal government corp,the nation’s third-largest thrift. rates are competitive with the big most new job creation comes from es have been an afterthought. A few as a subcontractor for Science Ap- The big banks’pullback has been banks’ and those of the most com- small businesses. critics are beginning to note that plications International Corp. swift,as the financial crisis has made mon federally guaranteed loans, The pressure on small companies nothing in the bailout package forced The MIT graduate turned to them fearful of issuing loans of all which max out at about 8.75%. has been building for at least a year. banks that took the government Savoy Bank, an institution that kinds that they may not be able to An economic downturn that has money to begin lending to small opened in midtown this year.Three sell in secondary markets. Fewer services worsened into a recession means businesses again. Indeed, the Small weeks after meeting with him, a “Lending standards have tight- but the community banks have revenues are falling. At the same Business & Entrepreneurship bank manager agreed to lend Ariel ened,”acknowledges a spokesman for fairly low upper limits on loans for time, banks have stopped lending to Council refused a White House re- Partners $675,000, which the 15- Chase,long one of the city’s most im- small businesses.They also don’t of- all but the most creditworthy cus- quest for support in passing the $700 employee firm will use to expand. portant small business lenders. “We fer big banks’ level of service. tomers. Even U.S. Small Business billion bailout, in part because there “We’ve already proven we can want to strive to continue to make Chase’s spokesman points to the Administration loans are no longer was no assurance it would do any- weather the ups and downs of the loans that our borrowers can afford.” bank’s 270 branches in New York an option for many businesses. thing to help small businesses. economy,” says Mr. Strong, who set The extent of the big banks’ re- City and its ATMs,which accept 30 Banks have curtailed their SBA So far, fledgling efforts to help up shop in a business incubator on treat shows up in the number of checks for deposit at a time. lending as loan small businesses West 37th Street,instead of in prici- SBA loans, a market dominated by In other words, the community standards have are focusing on er digs. “One of the biggest reasons New York City’s major players, in- banks are no panacea for the overall tightened and the ‘What’s going loans. A week ago, is, we’re very frugal.” cluding Chase, Citibank and Bank market.There aren’t enough of them secondary market the SBA changed of America. In October, only 100 of making enough loans. And margin- for such loans has to get us out of its policies to allow Grabbing a share the federally guaranteed loans were al businesses may be just as likely to dried up. The lenders to price as big banks ratchet back their made in New York City, a 78% de- get a cold shoulder at a community number of loans this mess ... is loans off the Lon- small business lending, community cline over the same month last year. bank as at one of the big players. fell 40% in fiscal don Interbank Of- banks such as Savoy that still have The dollar amount plummeted by Loan officers at small institu- 2008, compared job creation by fered Rate instead money in their coffers are moving 47%, to $22.7 million. tions have more freedom to consid- with the previous of prime, poten- aggressively to grab a bigger share The market upheaval has opened er an applicant’s past relationship year, and have entrepreneurs’ tially making of the market. It’s been much easier the door wider for community with the bank than big conglomer- dropped even loans more attrac- pickings than usual: With big banks, which often keep their loans ates that rely on out-of-town under- faster since. tive to the second- banks’ near-complete retreat from rather than selling them. They are writers. However, community In any case, the ary market. lending in the past six weeks, com- also not being hammered by write- banks still put the heaviest empha- smallest, most vul- The bulk of the munity banks are able to make downs required to clear toxic assets sis on a company’s finances and nerable businesses in the city,such as Schumer/Kerry proposal calls for choice loans. from their books. credit history. mom-and-pop stores, have never temporarily eliminating $615 mil- “We’re seeing more opportuni- Savoy has made about $30 mil- “It is always going to get down to been eligible for SBA programs, lion in SBA fees for banks and bor- ties as other lenders have exited the lion in loans to 50 clients since it that financial information,” says which require extensive documen- rowers, an amount, they say, that business or decided they are not go- opened in January, with the largest Ronald Goldstein, assistant district tation and collateral. would support $22.5 billion in new ing to be as aggressive,” says Dennis being $1 million. “We have no bad director for economic development loans. Mr. Bloomberg’s new pro- Jurs, chief lending officer at New loans,” says Savoy Chairwoman for the New York office of the SBA. Repayment rates are falling gram will provide $5 million in the upshot is that confidence guarantees for loans to small busi- among small business owners is at a nesses. If the plan is successful, the 28-year low, and lenders say delin- mayor hopes it will eventually grow quency rates are rising, a develop- into guarantees for a loan pool of Local TV station ads in tailspin ment that could hamstring other $20 million. So far, 35 lenders have government-subsidized programs expressed interest, says Economic Continued from Page 3 and Fox have to find other ways to Patrick, managing partner of media that rely on repayments to make Development Corp. President Seth sets in the third quarter and report- monetize their content.” brokerage Patrick Communications. new loans. Microlender Acción Pinsky. ed a 17% drop in operating income New York’s Spanish-language “Even in bad times,these stations are New York says its historic loan re- “It makes it easier for the banks for its television division related to stations are providing some upbeat worth a great deal of money.” payment rate has been about 95%. to take risks they wouldn’t otherwise lower ad sales. At News Corp., op- news. WXTV and WNJU are ex- But they are worth less than they “Today, we do our planning on be willing to take,” says Mr. Pinsky. erating income for Fox Television pected to end the year down just 4%, once were, and their value will con- the basis of 90%,” says Acción Pres- Whether any of the recent or pro- Stations dropped 48% in the first an insider says, though this volatile tinue to erode,according to analysts. ident Gina Harman.“That’s a lot of posed changes pry more money out fiscal quarter,which ended Sept.30. quarter could derail that forecast. Once the economy stabilizes,im- pressure on a business like ours, be- of banks and other lenders remains CBS’s stock price has plunged portant ad categories like retail will cause if you lose 10 cents on every to be seen. In the current environ- 83% in the past 12 months; News Margins remain rich most likely come back. But the auto dollar you lend, it hurts.” ment, many companies are reluctant Corp.’s has declined 73%. and most local stations remain category, which has traditionally ac- There are precedents for aiding to take on new debt and others have “Business models that rely solely moneymakers. Though profit mar- counted for over 30% of ad revenues small businesses in times of crisis, seen their credit ratings go south- on ad revenue are proving them- gins no longer approach the 50% in New York, might never return to the most notable being the more ward as their business slows down. selves outdated,” says Anthony Di- they once did, they’re often better its previous spending levels. than $600 million in federal aid that “If I’m going to make a loan, I Clemente, entertainment analyst at than 30%. “In the words of Yogi Berra,‘The was earmarked for New York City don’t want a guarantee,” says one Barclays Capital.Cable’s subscriber- “If CBS said tomorrow, ‘We’re future ain’t what it used to be,’ ” says businesses ravaged by the attack on microlender of the mayor’s pro- fee revenue stream puts local TV at a going to sell all our stations,’ there’d Lee Westerfield, a senior analyst at the World Trade Center. The city gram. “I want a loan that’s going to disadvantage, he says, adding, “CBS be 20 buyers lined up,” says Larry BMO Capital Markets. and the federal government also get paid.”

8 | Crain’s New York Business | November 24, 2008 CNYB 11-24-08 A 9 11/20/2008 5:49 PM Page 1

NEIGHBORHOOD JOURNAL

Harshed Patel, the developer Dumbo school plan put to the test who bought the abandoned ice cream parlor over the summer,owns one of them, in nearby Floral Park. ing at an opportunity to do that for the middle of next year. developer to raze the Frozen Cup, Queens Community Board 13, Classroom space a long time,” Mr. Walentas says. —matthew sollars an old-fashioned soda fountain on which includes the Frozen Cup is needed, but area The city seems to agree. The Jericho Turnpike, and build a 44- property,is holding a meeting Mon- School Construction Authority has room Days Inn in its place. day to review Mr. Patel’s plans. residents don’t want added $42 million to its five-year Queens ice cream The Joint Bellerose Business But beneath all the talk of hotel capital budget for the school.The de- parlor scooped? District Development Corp. notes saturation is a thick fudgey layer of tower next to bridge velopers plan to hand over two emp- that most motels are three or four nostalgia. local developer’s ty floors.The city will be responsible the community of Bellerose, stories, while most of Bellerose’s “It’s been there since the 1950s,” proposal to donate for turning the space into classrooms. Queens, has no intention of stand- buildings are just two stories. In ad- says Alan Woodruff, village histori- space for a new school in “We are committed to a school ing aside and watching a 50-year- dition, the Queens Colony Civic an. “It was a community mainstay. Brooklyn’s Dumbo site there,” says a spokeswoman for old ice cream parlor melt away. Association points out that the area I’d always bring my kids there after neighborhood is divid- the authority. The developer’s plan Instead, local civic groups are already has two motels within a mile Little League.” Aing area residents. will come up for city approval by giving an icy reception to plans by a of the Frozen Cup. —hilary potkewitz Under the plan, developer Two Trees Management would donate two floors in its planned 17-story mixed-use tower for use as a school. As the population in the former in- dustrial area has exploded,calls for a school have grown louder. Last spring, Dumbo topped the city comptroller’s list of neighborhoods most in need of a new school. The only problem is that the pro- posed building on Dock Street would loom over the Brooklyn Introduce Your Bridge. That has outraged some members of the community,includ- ing Councilman David Yassky, who Business To The World’s First are determined to preserve the views from the bridge and protect the area Touch Screen BlackBerry. from overdevelopment. Mr. Yassky objects to developers exploiting the desperation of par- ents who have nowhere nearby to send their kids to school. He insists

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that the city should find a spot for a school that won’t involve such trade-offs for the community. “When we start letting develop- ers break the rules just because we’re in a budget crisis, we’re on a slippery slope,” says a spokesman for Mr. Yassky. “There are other feasible ways to provide downtown Brook- lyn with the middle school it so des- perately needs.” Only on America’s Largest 3G Network. Jed Walentas, a principal at Two Trees Management, insists that the objections are leftovers from an old Exclusively from “architecturally inferior” plan. He notes that the updated proposal submitted to the Department of City Planning last week calls for a LEED-certified, environmentally friendly residential building that verizonwireless.com/storm will include 65 units of affordable housing. Critics note, however, that the Call 1.800.VZW.4BIZ Visit a Verizon Wireless Store new building would be taller than the old plan. And, while Mr. Walentas calls the project a “model public-private VERIZON WIRELESS COMMUNICATIONS STORES See store for Return/Exchange Policy. partnership,” he admits that the MANHATTAN Union Square 57 W. 57th St. 134 W. 34th St. 100 Wall St. & Water NASSAU Westbury SUFFOLK Smith Haven WESTCHESTER school will help his project win city 342 Madison Ave. 859 Broadway btwn. 5th & 6th Ave. btwn. 6th & 7th Ave. (Closed Sat. & Sun.) Massapequa 49 Old Country Rd. East Northport 1 Smith Haven Mall Hartsdale @ 43rd St. 212-206-7587 212-980-4860 917-351-8000 212-510-6160 5070 Sunrise Hwy. 516-937-2960 4000 Jericho Tpke. 631-382-3720 355 N. Central Ave. approval, because the zoning does 212-856-6100 516-797-3880 631-499-1820 914-286-4120 not allow residential development. Hablamos Español “The neighborhood clearly 72409 needs a school,and we’ve been look-

November 24, 2008 | Crain’s New York Business | 9 CNYB 11-24-08 A 10 11/20/2008 9:17 PM Page 1 Reminder: rag right text

VIEWPOINT Taxes, tolls to save the MTA editor in chief Rance Crain publisher, vp Jill R. Kaplan ew york city politicians want to on board.The money is a lot bigger these days, more than editorial director Greg David reimpose the commuter tax: an income $700 million a year, and certainly much more needed. EDITORIAL editor Xana Antunes surcharge on those who live in the Unfortunately, advocates have committed a cardinal sin by managing editor Robert Hordt suburbs but work in the city. It’s easy to claiming that the commuter tax will eliminate the need to deputy managing editors Valerie Block, Erik Ipsen see why there would be renewed interest impose East River bridge tolls. Soaking suburbanites to contributing editor in the tax. What could be better than reduce the burden on city residents is a political nonstarter. Elizabeth MacBride columnist Alair Townsend taxing someone who can’t come back An end to the political stalemate requires recognizing that senior reporters Theresa Agovino, and vote against you because of a tax increase? And even if both sides in this debate have strong arguments.There is some Aaron Elstein, Erik Engquist, Lisa Fickenscher, Matthew Flamm, Miriam Kreinin Souccar the proposal never becomes law, the effort helps city truth to the belief of New York City residents that N reporters Barbara Benson, Amanda Fung, politicians appear to be fighting for their constituents. suburbanites use many city services and should contribute Daniel Massey, Adrianne Pasquarelli, Hilary Potkewitz, Gale Scott, Matthew Sollars These perilous times, however, call for more than something to the city in which they work. Commuters are also restaurant critic Bob Lape posturing.There is good reason to revive the commuter tax, right in saying they art director Steven Krupinski deputy art directors Carolyn McClain, but it will be approved only if the revenue is dedicated to The commuter already pay their share Daniel Mednick something that benefits suburban commuters, and only if with purchases that staff photographer Buck Ennis tax would bring copy desk chief Wendy Zuckerman they believe city residents are being asked to pony up as well. boost sales taxes. In copy editors Michele Arboit, There is a way to do that: Impose the commuter tax at the addition, their state Thaddeus Rutkowski in more than research editor Denise Southwood same time tolls are put in place on East River bridges and taxes are diverted from www.crainsnewyork.com dedicate all of the money to the MTA. $700 million the wealthy suburbs to web producers Kira Bindrim, Elisabeth Butler Cordova For decades, the city collected almost $400 million a year the city. through a 0.25% income tax on nonresidents working here. So what common EDITORIAL AND ADVERTISING OFFICES 711 Third Ave., New York, NY 10017-5806 In 1993, seeking to ensure that the Democrats would achieve interests do the two editorial: 212.210.0277 Fax 212.210.0799 advertising: 212.210.0259 a veto-proof majority in the Assembly and eyeing gains in groups share? The Cable craincom nyk Orange County, Assembly Speaker Sheldon Silver suddenly desire to preserve affordable mass transit, something that is Fax 212.210.0499 Entire contents ©copyright 2008 Crain endorsed eliminating the tax. In doing so, he stole a key issue in jeopardy given the MTA’s huge budget deficit and its Communications Inc. All rights reserved. ®CityBusiness is a registered trademark of MCP Republicans had long used to keep seats in the suburbs. He proposal to hike fares by 23%.The sensible compromise is to Inc., used under license agreement. caught everyone by surprise, especially Mayor Rudy adopt both the commuter tax and East River tolls and TO SUBSCRIBE: Giuliani, who railed against the move to no effect. Since dedicate the money to the MTA to hold down fare increases Call 888.909.9111; fax 313.446.6777. $3.00 a copy, $59.79 one year, $109.79 two years. then, no one in Albany has been willing to revisit the issue. and fund a vitally needed capital program. www.crainsnewyork.com

Now momentum is building to do so.The mayor wants it, Such a move won’t bail out the city budget, but it’s fair to ADVERTISING AND MARKETING the Democrats who will soon control the state Senate are both sides and it satisfies an important need. It may also be senior account managers believed to be in favor of it, and even Mr. Silver is once again the only politically viable course. Cornelius P. Gore, William E. Squitieri commercial real estate sales manager Cory Marks account executives Irene Irvill, Courtney McCombs, Anthony Mowad LETTERS TO THE EDITOR western account manager Ellen Mazen (Los Angeles) 323.370.2477 sales manager, classified print & online John Gallagher sales coordinator, print & online Lulé Haznedari Misguided legislation should die sales coordinator Anita Perrino credit Todd J. Masura 313.446.6097 NO SYMPATHY supply company, I want to thank cut, cut and cut even more the cost marketing director Amy Crossman Crain’s for its Nov. 10 article on of this leviathan government— marketing manager Jill H. Bottomley FOR FREE CHOICE ACT marketing coordinator Jenny Mashberg why food prices have not declined. local, state and federal. circulation manager Andrea Richardson thanks to Alair Townsend for It is the first article that actually joe wright assistant circulation manager continuing to highlight the understands the plight of food Rosalie Ford negatives of the Employee Free manufacturers, especially bakers. INCOME TAXES are hurtful in a general manager, interactive Choice Act (Nov. 17), a misnamed The recent declines in recession, and this is not a time to Marc Minardo and misguided piece of legislation. commodity and fuel costs will go pit one New Yorker against web developer, interactive It deserves to die! toward covering expenses and another. Sales taxes on everything, Chris O’Donnell george russell putting some money away to including food and cheap clothing, NEW YORK PRODUCTION President handle this current economic are very regressive against the production and pre-press director The Private Office Inc. downturn. poor. So I choose gas taxes. Oil has Michael Corsi advertising production manager kelly hume kelly dominic s. valente gone back down; our poorest ACCOUNTING FIRMS President people do not own cars, even the Marilyn DeMilta CHANGE FOR BETTER demanding profession. Everyone Valente Yeast Co. used ones so popular on the PUBLISHED BY CRAIN COMMUNICATIONS INC. from entry level to partner puts in market now. All people can indeed chairman Keith E. Crain how about this: Crain’s New long hours regularly and has stress. READERS’ COMMENTS drive less, car pool, take mass president Rance Crain York Business’ Nov. 17 Best Places But sabbaticals, flex schedules, transit, etc. So I choose the secretary Merrilee Crain to Work report lists four public contests and other initiatives add Crain’s poll respondents comment on greenest tax at this point. treasurer Mary Kay Crain executive vp, operations William Morrow accounting firms in the top 15! more creativity and fun to the which state tax should be raised if a terry grace senior vp, group publisher Gloria Scoby What a compliment to the workplace.This will undoubtedly tax increase is required to close group vp, technology, circulation, leadership at these firms and to the lead to reduced turnover and looming budget gaps. HOW ABOUT CUTTING Medicaid fraud manufacturing Robert C. Adams industry in general.The public higher profits. and abuse? Also, make all state vice president/production & accounting profession has had a robert fligel, c.p.a. THIS POLL presupposes that the only employees work a 40-hour week manufacturing David Kamis chief information officer Paul Dalpiaz startling turnaround in how it RF Resources choices we have are to feed the and contribute to their medical corporate circulation director treats its staff. Not too long ago, a monster. How about a choice plans. Make all retirees pay for Patrick Sheposh managing partner referred to his THE ECONOMICS called “Laying off 10,000 their Medicare deductions. On attitude toward staff as “my way or bureaucrats”? and on, there are ways to cut costs founder G.D. Crain Jr. (1885-1973) OF BAKING chairman Mrs. G.D. Crain Jr. (1911-1996) the highway.” geoffrey batrouney before the taxpayers are made to Don’t get me wrong. I know as the president of New York pay more taxes. public accounting is still a very City’s oldest bakery-ingredient CLEARLY, none of these. Cut, cut, a. pankin

10 | Crain’s New York Business | November 24, 2008 CNYB 11-24-08 A 11 11/21/2008 9:09 AM Page 1

Robert Moses in the 1960s have wanted to do something about the We are pleased to have represented site. The Bloomberg administration spent years crafting its plan, which Brookfield Real Estate in its present form involves empty- ing and cleaning up the site, and de- Opportunity Fund II veloping a mixed-use area that will include 5,500 housing units, retail and other commercial space, as well in the sale of a as a small convention center. Until the last minute,it had proposed that 235,000-SF 20% of the units be set aside for low- building at and moderate-income residents. That figure wasn’t the one the administration thought was correct but was a negotiating ploy. 900 Stewart Avenue The administration knew the Garden City, NY City Council would demand a high- er figure, and it didn’t want to give away the store before negotiations became serious, which is always a day or two before the council actu- to CAF Realty, LLC ally votes. The plan the City Council ap- and CAF 900, LLC proved sets the affordable housing john h.john howard component at 35% and emphasizes low-income units. The important point:The number is in line with re- Andrew Merin, David Bernhaut, Gary Gabriel and quirements in other recently ap- Jose Cruz of our East Rutherford, N.J. office, and Behind the drama proved land use projects. As for the businesses, the politi- David Leviton and Robert Kuppersmith of our Melville, N.Y. cians abandoned them. The city office, represented the seller in this transaction. at Willets Point reached relocation deals with a few (far fewer than expected), while al- lowing a couple of the largest to stay t appeared for months that the Bloomberg adminis- until the cleanup gains momentum tration’s plan to transform the hardscrabble Willets Point and sacrificing the others for the greater good. That’s the way it section of Queens was in big trouble. A majority of the works. City Council signed a letter saying they opposed the ef- This maneuvering is all about fort because it didn’t provide enough affordable housing. playing to the peanut gallery be- Rather than move,business owners in the industrial district mo- cause everyone understands that de- I velopments like Willets Point are bilized to kill the project, and they won public support from important for the city. Consider the even more controversial Atlantic many politicians. The fits of development. Yards project in Brooklyn. press, including Crain’s, Located near La As was the case with Willets reported on all this in Guardia Airport and Point, the opposition to Atlantic great detail. adjacent to the Mets Yards sometimes seems intense. We are pleased to have represented Then, earlier this new baseball stadium, But a poll commissioned by Crain’s month, the council ap- Willets Point has long in 2006 showed that 60% of all New proved the project— housed a few estab- Yorkers and 60% of Brooklyn resi- not narrowly but by an lished industrial busi- dents supported the project.The re- Hayward Industries Inc. overwhelming 45-2. nesses, as well as chop sult would be the same today. The lesson is that the shops and other mar- The Bloomberg administration political dance that ac- ginal auto repair opera- has been the victor in every rezon- companies major land GREG tions. ing and development initiative it has in the sale of four buildings totaling use decisions is well- DAVID Willets Point has no brought to the City Council. Politi- choreographed and sewers and few roads, cians may get mileage from their 273,000 SF ends with the nod that and the hazardous posturing, but no one wants to be on 11.5 acres at is given major initiatives because a waste from the site pollutes nearby the one responsible for killing a broad consensus exists on the bene- areas. Visionaries dating back to good idea. Elizabeth Development Site 900 Fairmont Avenue CRAIN’S ONLINE POLL Elizabeth, NJ If the Legislature increases state taxes, which tax should be raised? to Oakmont Industrial Group 341 VOTES Date of poll: Nov. 18 Personal income tax, but only for high-income 26% Gasoline tax Andrew Merin, David Bernhaut, Gary Gabriel and Jose Cruz 40% . individuals . of our East Rutherford, N.J. office; Robert Donnelly Sr. and Robert Donnelly Jr. of our Morristown, N.J. office, Frank Caccavo, Jason Goldman and Andrew Siemsen of 21% . Sales tax our Edison, N.J. office, and Mitch Arkin and Scott Vinett of our Midtown Manhattan office, represented the seller in Personal income .13% tax for everyone this transaction. istockphoto For readers’ comments, see Letters to the Editor on Page 10. CNYB 11-24-08 A 12 11/21/2008 2:23 PM Page 1

ALBANY IMPASSE However, all three are white GOP looks to 2010 men. Many women will want to see the senator who put all those cracks THE 2010 ELECTIONS in the highest glass ceiling replaced drove last week’s budget THE INSIDER stalemate, say Albany by a woman.The state chapter of the National Organization for insiders. Republican by Erik Engquist and Matthew Sollars Women started lobbying for a Majority Leader Dean female replacement late last week. Skelos had no incentive to “We think it’s important for strike a deal with Gov. David Padavan ap images women’s groups to weigh in early,” Paterson so soon after his SENATE MAJORITY LEADER Velázquez in line says Marcia Pappas, president of party lost its hold on the Dean G. Skelos NOW-New York State. “We’re Senate. Instead, one to replace Hillary urging the governor to appoint political operative says, Republicans will use the impasse another woman in her place.” to their advantage as they face a crucial election in 2010. peculation ran “Republicans will say, ‘We stood firm in 2008; we rampant last week as to protected schools and hospitals,’ ” he says. Then, when A jump-start Farley whom Gov. David Democrats take control of the Legislature and make S for small business? unpopular cuts, Republicans can use the vote against Paterson would name to them in an all-out bid to regain the Senate. replace Sen. Hillary Clinton if the city council’s Small Business The stakes couldn’t be higher. Should the Republicans David Yassky she were picked to be secretary Committee chairman, , fail, Democrats will control the redistricting process that will wants to invest 1% of the city’s occur before the 2012 election. Redistricting happens of state. pension funds in small business Nydia Velázquez every 10 years, and they’ll make sure their majority is safe Rep. (left) is loans.That $100 million, for at least one decade, possibly several. administered by the New York Johnson thought to be a leading “Whoever draws the lines has a huge advantage,” says Business Development Corp., Russ Haven candidate. A Latina with 16 wouldn’t be a big moneymaker for , the legislative counsel of the New York Public years in Congress, Ms. the funds. But it would spur the Interest Research Group. He cites Democrats’ growing advantage in the state, where there are only three

bloomberg news city’s economy, and the NYBDC Velázquez would help Mr. registered Republicans for every five Democrats. Paterson with women and quell criticism that Hispanics have has never lost money. Mr. Yassky will broach the idea this month. “If Democrats draw the lines, they can put Republicans been shut out of top jobs. Paradoxically, her greatest in the wilderness for decades,” he says. weakness—a lack of statewide appeal—might entice Mr. Morahan Republicans’ chances at recapturing the Senate in Paterson to choose her. Her vulnerability could induce Rudy No more 2010 seem slim. Most observers expect a few of the party’s aging senators to retire—William Larkin is 80, Owen Giuliani to run for Senate instead of governor in 2010, removing lost buses Johnson is 79, and Thomas Morahan and Hugh Farley the top GOP threat to Paterson. Mr. Giuliani would prefer an five of the city’s largest school are 77. In Queens, Frank Padavan, 74, is trying to survive executive position, but he did briefly run for Senate before bus contractors have filed suit to an ongoing ballot count. Even if he prevails, he would be withdrawing when he was diagnosed with prostate cancer. force the Department of Education to vulnerable in two years. put GPS systems in all buses.The The Republicans’ long-held fundraising advantage will Should Mr. Paterson decide to reach out to another systems are required by the city’s Larkin disappear once they lose control of the Senate—many of constituency, Rep. Brian Higgins would help him with upstate contract with the school bus their donors contributed because they needed favors from voters. If he wants help on Long Island, the governor could operators, but the city announced the majority. select Nassau County Executive Thomas Suozzi or Rep. Steve earlier this month that it was All of this means that Senate Republicans will be Israel scrapping a pilot program for the lobbying Rudy Giuliani to run for governor in 2010. . technology because of budget cuts. Without him, they could be hard-pressed to find a top-of- the-ticket candidate who can draw GOP voters to the polls Giuliani and help the party’s down-ballot candidates.

YOU CAN’T GET THE FASHION DISTRICT Calls for the systems have grown landmark bridge is an impediment since September, when three to ships because it is too low. Big Times Square children were stuck on a bus for tankers can clear the bridge only at MORE MIDTOWN Port 42nd Street Authority Bryant more than four hours.The driver low tide. With even larger tankers Park said he got lost. being built, port operators fear that THAN THIS! the area will lose business to Norfolk, Va. Ships traveling to When it comes to location, the Fashion District Bayonne Bridge Elizabeth, N.J., and Staten Island’s Howland Hook must pass under 5th Avenue has it all: Avenue 8th under scrutiny a midtown Manhattan address, premiere the bridge.The Port Authority has tenants, convenient transportation, restaurants, the port authority of New York already invested heavily in dredging theaters, shopping, galleries and more! Penn Station 34th Street and New Jersey has fast-tracked a the Kill Van Kull to accommodate study of the Bayonne Bridge.The larger ships. LOOK WHO’S HERE!

Commercial Office Tenants PATERSON WATCH Fashion Designers BEATING THE DRUM about the growing I.T. Firms HOT state budget deficit earned Gov. David Non-Profits Paterson high marks in the past few Artists weeks. Perhaps that’s why expectations Graphic Designers were so high for a special Legislative budget-cutting session that was Engineers supposed to take place last week. Architects It didn’t, and despite his petulant Galleries protests that the Legislature wouldn’t Theaters cooperate, he emerges as the biggest loser. The state is Retailers farther from solving its budget crisis than before the governor started issuing his warnings. And that is, above all, his failure. Restaurants Critics argue that Paterson should have done a lot more to broker a budget deal than just warn people that the economy was getting worse and the deficit bigger. He should have cajoled, wheedled and bargained with friends and foes. In ® other words, he should have used the power of his office. In www.fashioncenter.com NOT the final analysis, it seems as though he hardly tried. ®

12 | Crain’s New York Business | November 24, 2008 CNYB 11-24-08 A 13 11/21/2008 2:34 PM Page 1

WEEK IN REVIEW For daily news updates, go to www.crainsnewyork.com

acquired a minority stake in MTS ECONOMIC SPOTLIGHT and made an advertising services deal with it. Coney Island’s fate still dangling the municipal art society presented its vision for Coney Island, which calls for a year-round destination with a cable-car ride, an entertainment venue with a retractable roof, a big hotel and an amusement center. Simultaneously, the city is working on a deal to buy 10.5 acres there from developer Joe Sitt. Take RFK to JFK

bloomberg news the state renamed the Triborough Bridge for Robert F. Southwest wants its NY wings Kennedy in a ceremony that attracted several generations of the DISCOUNT FLIER SOUTHWEST AIRLINES CO. is looking to late senator’s family and members break into the New York market with an agreement to buy 14 of the Democratic elite, including LA GUARDIA AIRPORT SLOTS from bankrupt ATA Airline for former President Bill Clinton.The Metropolitan Transportation $7.5 million. If the deal is approved, Dallas-based Authority, which operates the Southwest would start flying here in early 2009. Southwest span, spent $3,000 to replace the would go head-to-head against Queens-based JETBLUE bridge’s signs. AIRWAYS CORP. for flights shorter than 1,500 miles. … The Economy Watch Port Authority of New York and New Jersey commissioned a Citysearch offers Falling energy prices drove the October decline in area inflation—the largest $40 million study to redesign La Guardia’s Central Terminal. 75,000 lists in 50+ years. The dip in NYC’s jobless rate was insignificant, economists say. internet conglomerate SEPTEMBER ’08 OCTOBER ’08 COMPARISON IAC/InteractiveCorp redesigned NY area inflation change +0.2% -0.7% +4.3%1 Silver landmarks Pepsi Bottling Group Inc. is and expanded its restaurant- NYC unemployment rate 5.8% 5.7% 6.5%2 slashing 3,000 jobs worldwide, review site, Citysearch.com, for NYC employment change -2,400 -3,300 +13,5003 the landmarks Preservation including 750 in the U.S. Also, J.P. the first time in six years.The site Commission granted landmark Morgan Chase & Co. plans to cut now offers local dining guides for 1-NY area inflation rate for the latest 12-month period. 2-U.S. unemployment rate for the latest status to a Greenwich Village 10% of its 31,000-member more than 75,000 cities and month. 3-NYC employment change year to date. apartment complex called Silver investment team, and apparel firm neighborhoods in the United Towers (below), probably ending Warnaco Group Inc. is shedding States, up from just 140 NYC Hotel Stats Broadway Stats 45 corporate jobs. previously. The average daily room rate soared While levels declined in the week and occupancy dropped in Septem- ended 11/16, The Broadway League Buzzword: bonus Fashion rebel ber, data from PKF Consulting show. reports, they look good compared seven top executives at reprimanded The room rate topped the level for with the figures in ’07: The stage- Goldman Sachs Group Inc. will the same month in ’07; occupancy hands’ strike held attendance to forgo their cash and stock bonuses fashion force Marc Jacobs was below the year-earlier figure. 46,135 and gross to $2.9 million. this year. Top brass at other banks International paid $1 million to are under pressure to leave their settle an allegation that it bribed a fat checks on the table as the state employee with more than federal government continues to $35,000 in cash and goods to New York University’s effort to bail out financial firms in dire ensure it could use a National build on the site.The commission straits. Guard armory for its glitzy also criticized General Growth fashion shows last year. State Properties’ plan to remake the Attorney General Andrew dilapidated South Street Seaport, Union presses Cuomo agreed not to pursue disparaging the project’s size and Magic on labor formal charges against Marc scale. Jacobs or his firm. building service workers union —from staff reports and SEIU Local 32 BJ launched a bloomberg news reports Cottage Living quit Web site, NoMagicHealth as PC plugs in Care.org, to call attention to the use of nonunion labor at a Capital IQ’s Weekly Deals Report time inc. shuttered four-year-old condominium building at 1 shelter magazine Cottage Living Hanson Place in Brooklyn. TRANSACTION SIZE and its accompanying Web site, Former basketball star Magic COMPANY/LOCATION (in millions) BUYER/INVESTOR TRANSACTION TYPE CottageLiving.com.The Johnson co-owns the building Financial Security $1,512.5 Assured Guaranty Ltd. SB M&A November/December issue is its through his investment company, Assurance Holdings Ltd. last. Meanwhile, Ziff Davis Canyon-Johnson Urban Fund. Manhattan Media-owned PC Magazine Signature Bank $120.0 U.S. Department of The Treasury GCI ended its print existence and will Manhattan WebMD deal DOA become an online-only magazine. Loring Ward $87.0 Individual investor FB M&A International Ltd. (78.8%) About 600,000 subscribers took webmd health corp. killed its Manhattan the print product, and just 15,000 $50 million merger with WALKING THE WALK: Selected deals announced during the week of Nov. 9 for companies headquartered in metro New paid for online access. Marketing Technology Solutions York. n/a Not available. FB M&A: Financial buyer M&A represents a minority or majority Inc., the operator of Designer Marc acquisition of existing shares of a company with the participation of a financial buyer. GCI: QualityHealth.com. It was the Jacobs paid Growth capital investment represents new money invested in a company for a minority stake. SB Job cuts deepen $1 million to M&A: Strategic buyer M&A represents a minority or majority acquisition of existing shares of a second merger WebMD settle a bribery company without the participation of a financial buyer. even as Citigroup Inc. makes terminated in as many months. allegation. getty images bekka lindström bekka history with its 52,000 layoffs, Despite the cancellation, the firm

November 24, 2008 | Crain’s New York Business | 13 CN012395 9/25/08 4:03 PM Page 1 CNYB 11-24-08 A 15 11/20/2008 10:41 AM Page 1

PRIVATELY HELD COMPANIES INSIDE TOP PRIVATELY HELD COMPANIES in the NY area PAGE 18 “Our ads capture the essence of why we’re here long after others failed.” —Rachelle Friedman, J&R Music and Computer World, Page 22 Market FROM PUBLIC TO PRIVATE for IPOs remains Trying to teach frozen Thaw not expected an old brand until next spring; firms start to consider alternatives new tricks BY AARON ELSTEIN

the red carpet was unfurled WORLD’S FARE and the champagne was on ice as A year and a half after Galiot Capital Corp.stood on the The company’s flagship, Reader’s a $2.6 billion leveraged Digest magazine, has editions in cusp of making a spectacular de- China, Serbia and other international but this past summer. buyout, the owners markets. Though the company was only a few months old, invest- of Reader’s Digest ment bankers from Deutsche Bank, Credit Suisse and Morgan struggle to revive Stanley had already lined up in- vestors willing to commit $250 the publishing giant million in the firm’s initial public offering. Its shares were to be list- BY MATTHEW FLAMM ed on the New York Stock Ex- change, where its chief executive in march 2007, when Reader’s would surely be invited to ring the opening bell. Digest Association Inc. became But on July 2, Galiot, which is a privately held company, it headquartered high atop the looked as if the battered MetLife Building overlooking publishing giant could finally Park Avenue, called the whole thing off, abruptly postponing its focus on changes it needed to IPO due to “unfavorable market make without worrying about a conditions.” Officials didn’t re- tumbling stock price. turn a call seeking comment on Though the company had a whether they will try again, but their business plan was to invest in hit with Every Day with Rachael residential mortgage-backed se- Ray, the flagship magazine had curities—a market that is history. become a faded property. Even So,too,it seems,is Galiot’s shot at going public. worse, the company’s wide Unfortunately, the firm has collection of businesses was plenty of company when it comes performing so unevenly that to IPO woes. Reader’s Digest had posted Indeed, the IPO market is in a See OFFERINGS on Page 17 losses of more than $200 million two years in a row. IPOS BY THE Chief Executive Mary NUMBERS Berner, who arrived with the new owners, has been nothing if All figures are year to date. not focused. She has reduced 2007 2008 head count, reorganized No. of IPOs priced in the U.S. properties into advertiser- 483 116 friendly interest groups and cut No. of U.S. companies that loose lagging divisions—such as have filed to go public Books Are Fun, which hosts school and corporate book fairs FRONT BURNER: 325 148 and was sold off two weeks ago. Observers think CEO Mary Average IPO performance Berner is taking the right But having been taken steps by focusing on the +13% -37% See OLD BRAND on Page 16 company’s strengths. Source: Renaissance Capital nathaniel welch/redux nathaniel

November 24, 2008 | Crain’s New York Business | 15 CNYB 11-24-08 A 16 11/20/2008 11:28 AM Page 1

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Holtz Rubenstein Reminick Old brand, new tricks has been helping privately-held

ly middle market companies Continued from Page 15 approve of her willingness to chop private by Ripplewood Holdings away at deadwood and simplify the succeed for 70 years. through a leveraged buyout worth business. In addition to Books Are $2.6 billion, Reader’s Digest must Fun, she has sold off troubled units operate under a load of debt at a time QSB,a school fundraising company, when growth is difficult even for and Taste of Home Entertaining. • Audit & Accounting media companies that aren’t making “They’re doing the right things, • Mergers & Acquisitions hefty interest payments. focusing on the strong areas, rather Ms. Berner, a former top execu- than trying to run seven or eight dif- • Valuation Consulting tive at Condé Nast,is betting that ti- ferent businesses [that might not • Succession Planning tle launches and redesigns,both here work],”says Reed Phillips,a manag- and overseas, and a more tightly run ing partner at media banking firm • Trusts and Estates business will provide the magic for- DeSilva+Phillips. • Tax Planning mula for increasing profits. A title bout • Wealth Management So far, the magic hasn’t worked. “They’re consuming more cash the reader’s digest spokesman • International Taxation than they’re generating,” says John adds that growth will come from in- Puchalla, an analyst at Moody’s In- ternational expansion of Web site vestors Service, which in the spring Allrecipes.com and of Reader’s Di- downgraded the outlook on the gest,which has introduced editions in company’s debt to “negative” from China and Serbia.The company has “stable.” “They expect cash flow to also launched Discovery Channel improve as savings from restructur- Magazine in Asia and will bring out ing actions feed into earnings, but healthy lifestyle title Best You in the that can be tough to execute when U.S. in January. consumer spending is challenged.” In addition, company executives In the first quarter of fiscal 2009, argue,the flagship is turning around. vate CERTIFIED PUBLIC ACCOUNTANTS. BUSINESS ADVISERS. which ended Sept. 30, Reader’s Di- Reader’s Digest has finished the gest burned through $44 year down just 4% in ad Barry Garfield, CPA million in cash, leaving it pages versus 9% for with $36 million in its monthlies industrywide,

i Partner in charge, Privately-Held Services (212) 697-6900; [email protected] coffers, according to a -4% according to Media In- company filing. 2008 CHANGE dustry Newsletter. Group www.hrrllp.com Ms. Berner was un- IN AD PAGES for Publisher Eva Dillon says available for comment for Reader’s Digest, that advertisers have re- this story. A spokesman versus a 9% drop sponded to the revamp. r for the company, who for monthlies “The story was lost for could speak only about industrywide the last few years, and we fiscal 2008, says that cash brought it back,” she says. has been spent “according to plan.” But industry sources say that an- The company will release more other rate-base cut is likely next details this week about the first quar- year, which could bring circulation Held ter. According to a research note by as low as 5 million copies. Though ©2008 Holtz Rubenstein Reminick LLP Barclays Capital credit analyst Hale lowering circulation reduces certain Holden, revenues from the U.S. di- costs, it also cuts into advertising P vision fell 10%, to $173 million. and subscription revenues. Ms. Dil- ® International revenues were flat, lon says that there are currently no but would have been down 6% with- plans to lower the rate base. out favorable currency rates. The While results for the fiscal first company posted an operating loss of quarter were slightly lower than an- $110 million on revenues of $550 ticipated,according to Barclays Cap- million, which were up 1%. ital’s Mr.Holden,the real concern is Part of the decline in the United what will happen in what is tradi- States can be traced to Reader’s Digest tionally the company’s strongest pe- magazine, which in January cut its riod: the quarter ending Dec. 31. circulation rate base—the number of “They have a significant amount copies guaranteed to advertisers— of debt,” Mr. Holden says. “And to 8 million copies from 10 million. we’re in an environment of declin- Through September, ad revenues ing advertising.” slid 23%, to $185 million, according to Publishers Information Bureau. Ms. Berner has been focused on revitalizing the flagship magazine, REPRINT, POST which has long been viewed by some PUBLISHED advertisers and consumers as a folksy relic favored by senior citizens. CRAIN’S STORIES CRAIN’S NEW YORK BUSINESS New regime offers reprints of the articles it she brought in a new editor a year publishes. Reprints can include ago and in January debuted a redesign photographs that accompany a aimed at attracting younger readers story. and a broader range of advertisers. To obtain pricing information Media buyers have not been and an estimate of the impressed. turnaround time for reprint “It’s still a nice mass-reach vehi- orders, or to learn about cle for an older audience,” says Kel- purchasing print and online ly Foster,a managing director at me- copyright information for Crain’s dia buying agency Mindshare. content, please contact Ashley “They were trying to expand their client base, and I’m not sure they’ve Zander at The YGS Group, been able to do that.” (717) 399-1900, ext. 125, or Fans of Ms. Berner acknowledge [email protected] that she faces challenges, but they CNYB 11-24-08 A 17 11/20/2008 11:38 AM Page 1

REPORT

SETH MERRIN, CEO of Liquidnet Holdings, has had to put off plans to take his company public. Congratulations NY’s Largest Private Companies catherine gibbons catherine Amper has grown to be one of the largest accounting, tax and consulting Offerings on hold firms by serving private companies like yours.

Continued from Page 15 it’s impossible to price unproven With more than 650 people, we are large enough to meet any challenge deeper freeze than at any time since companies when the blue-chip Dow you may have. Yet we still remember what "customer service" means. the Ford administration. No com- Jones Industrial Average routinely pany in the United States has been rises or falls 400 to 500 points a day. We call back. We work efficiently to keep costs reasonable. In other able to go public since Aug. 8, and Financing is in such short supply words, we work a lot like you do. IPO volume is down 82% this year, that even top-shelf enterprises like according to Renaissance Capital in Goldman Sachs and General Elec- Greenwich,Conn.IPO filings from tric have to agree to stiff terms to Other successful, growing private companies rely on Amper, and you can nearly 200 fledgling companies, in- raise cash. In addition, investors too. cluding several firms in the New sense that IPOs being marketed to- York area, are gathering dust. Deal- day represent less than the pick of makers warn that a revival is the litter and reckon that private eq- Steve Mayer nowhere in sight. uity firms are holding back on sell- Managing Partner “It’s not just IPOs. There are no ing their best companies to the pub- transactions of any kind taking lic until better times return. New York Office place,” sighs Chris Kelly, a partner 6 East 43rd Street who oversees the capital markets Bad track record practice at law firm Jones Day. it doesn’t help that the track New York, NY 10017 “Seeing Beyond the Numbers...” “There are no equity offerings, no record of recent New York area high-yield debt deals, nothing.” IPOs is simply dismal. The last [email protected] www.amper.com The situation is so dire that even company to reach the finish line— renowned private equity firm consulting firm RiskMetrics Kohlberg Kravis Roberts & Co. has Group—has seen its stock sink 25% had to put off its plans to go public. below its January offering price. Other New York area companies Och-Ziff Capital Management, a stymied by the closed IPO market hedge fund, has seen its shares include Liquidnet Holdings Inc., a plunge 86% since going public a year Wall Street trading firm, and US ago. MSCI, a financial data firm, is Power Generating Co.,which oper- down 26% over the same period. ates power plants in Queens,Brook- History suggests it will take a lyn and Boston. Others, like United long time for this crucial market to Services Management and shipping reopen. In a report last month, Re- investor K-Sea GP Holdings, have naissance Capital observed that af- withdrawn them altogether. ter the IPO market all but shut down for three years during the re- Some profitable companies cession of the mid-1970s, it did not some companies knocking at the rebound until 1979. The current door are truly risky and could only slowdown shouldn’t be quite so bru- go public in really frothy markets. tal, but Renaissance forecasts that United Services Management, for the market will remain dormant at example, is a blank-check company least until next March. with no operations. But others are “Motivated issuers will [then] strongly profitable, established swallow the bitter pill and price their companies that would easily attract deals right,” Renaissance analysts capital in normal times. Liquidnet, wrote, cautioning that such an out- a seven-year-old firm that seeks to look is the “best case” scenario and sell $500 million worth of shares, the IPO market is likely to “sputter generated $53 million of net income along” for months after it resumes. on $206 million of revenue in the In the meantime,IPO specialists first half of the year. are struggling to find things to do. “In times like these, companies Jones Day’s Mr. Kelly says he’s tak- that want to go public have to start ing on more bankruptcy-related thinking about alternatives,” says work to fill the time. Others at his Hal Ritch, co-chief executive of in- firm are advising top corporate ex- vestment bank Sagent Advisors. ecutives who are being forced to sell “That means considering things their shares to meet margin calls like private placements, selling a from brokers. But mostly, he’s wait- stake to a strategic investor or even ing and hoping for dealmaking to merging with a competitor. That come back. might not have been the first choice “The last few months have been a year ago, but now it’s not so bad.” downright unsettling,” Mr. Kelly In the meantime, dealmakers say says. CNYB 11-24-08 A 18 11/20/2008 8:32 PM Page 1

REPORT PRIVATELY HELD COMPANIES NY Area’s Largest Privately Held Companies Ranked by projected 2008 revenues

given the confidential nature of many private obtained from sources including Crain’s, Forbes, Dun’s agencies and partnerships—including accounting businesses, compiling the Crain’s list of top privately Regional Business Directory, Hoover’s, Gale Group and firms, law firms and consulting firms—are excluded. held companies in the New York area is no easy task. the U.S. Securities and Exchange Commission. All The footnotes on Crain’s estimates indicate cases in This list is the most comprehensive available, but data should be considered estimates. which information did not come directly from the Crain’s acknowledges that it’s not possible to identify To qualify for inclusion, companies are required to companies and is published as it appeared elsewhere. and include every company that would qualify.Those be independent, privately held entities with no parent. Some estimates for 2008 revenues and for number of companies that were contacted for potential inclusion They must be headquartered in New York City or employees are based on 2007 data. were called or e-mailed several times and given the Nassau, Suffolk or Westchester counties in New York, Companies with equal projected 2008 revenues are opportunity to submit or verify their information. or Bergen, Essex, Hudson or Union counties in New ranked by total number of employees. If those figures Data in the list were provided by the companies or Jersey. Nonprofits, hospitals, mutual companies, travel are tied, companies are listed in alphabetical order.

Projected 2008 2008 total revenues 2007 revenues company Rank Company Phone/Web site Top executive(s) (in millions) (in millions) employees1 Nature of business Year end

Transammonia Inc. (212) 223-3200 Ronald P. Stanton $12,000.0 $8,339.4 376 Fertilizers, petrochemicals, liquefied December 320 Park Ave. www.transammonia.com Chairman petroleum gas, crude oil and oil 1 New York, NY 10022 Peter Baumann products President, chief executive Trump Organization (212) 832-2000 Donald J. Trump $10,850.0 $10,710.0 22,510 Real estate development, hotels, December 725 Fifth Ave. www.trump.com Chairman, president casinos and golf courses 2 New York, NY 10022 Advance Publications Inc. 2 (718) 981-1234 Samuel I. Newhouse Jr. $7,970.0 $7,970.0 29,100 Newspapers and magazines December 950 Fingerboard Road www.advance.net Chairman, chief executive 3 Staten Island, NY 10305 Renco Group Inc. (212) 541-6000 Ira L. Rennert $5,500.0 $4,500.0 16,000 Steel and refined lead and other October 30 Rockefeller Plaza www.rencogroup.net Chairman, president, chief metals, all-terrain vehicles 4 New York, NY 10112 executive Bloomberg 3 (212) 617-2000 Peter Grauer $5,400.0 $5,400.0 10,000 Financial news and information December 731 Lexington Ave. www.bloomberg.com Chairman 5 New York, NY 10022 Rosenthal & Rosenthal Inc. (212) 356-1400 Stephen J. Rosenthal $4,900.0 $4,700.0 206 Factoring and asset-based lending December 1370 Broadway www.rosenthalinc.com Chief executive 6 New York, NY 10018 Tishman Construction Corp. (212) 399-3600 Daniel R. Tishman $4,850.0 $3,555.4 1,092 Construction management December 666 Fifth Ave. www.tishman.com Chairman, chief executive 7 New York, NY 10103 John T. Livingston President Kinray Inc. (718) 767-1234 Stewart Rahr $4,810.0 $4,300.0 1,150 Distributor of pharmaceuticals, June 152-35 10th Ave. www.kinray.com President, chief executive generics and health care products 8 Whitestone, NY 11357 Charmer Sunbelt Group 2 (212) 699-7000 Charles Merinoff $4,600.0 $4,600.0 7,000 Wine and spirits distributor December 60 E. 42nd St. www.charmer-sunbelt.com Chief executive 9 New York, NY 10165 Hearst Corp. 2 (212) 649-2000 Frank A. Bennack Jr. $4,380.0 $4,380.0 17,070 Publishing, broadcasting, December 959 Eighth Ave. www.hearst.com Chief executive entertainment and online services 10 New York, NY 10019 Red Apple Group Inc. (212) 956-5803 John A. Catsimatidis $4,200.0 4 $3,800.0 7,000 Oil refining, supermarkets, real August 823 11th Ave. www.jacny.com Chairman, president, chief estate and aviation 11 New York, NY 10019 executive Central National-Gottesman Inc. (914) 696-9000 Kenneth L. Wallach $3,500.0 $3,020.0 925 Pulp and paper sales and distribution December 3 Manhattanville Road www.cng-inc.com Chairman, chief executive 12 Purchase, NY 10577 Structure Tone Inc. (212) 481-6100 James Donaghy $3,230.7 $3,333.0 1,667 Construction management and December 770 Broadway www.structuretone.com Chairman general contracting 13 New York, NY 10003 Westcon Group Inc. (914) 829-7000 Tom Dolan $2,903.9 $2,292.5 1,600 Distributor of networking and February 520 White Plains Road www.westcongroup.com President, chief executive communications products 14 Tarrytown, NY 10591 Reader’s Digest Association Inc. 2 (914) 238-1000 Mary G. Berner $2,786.4 $2,786.4 4,700 Publishing June Reader’s Digest Road www.rd.com President, chief executive 15 Pleasantville, NY 10570 Quality King Distributors Inc. 2 (631) 737-5555 Glenn Nussdorf $2,500.0 $2,500.0 875 Wholesale distribution of health and October 2060 Ninth Ave. www.qkd.com Chairman, chief executive beauty aids and groceries 16 Ronkonkoma, NY 11779

COMPANY COMMODITIES FERTILIZE UNKNOWN FIRM 5-YEAR FLASHBACK TOP 10 SPOTLIGHT COMPANIES ON CRAIN’S LIST IN 2003 TRANSAMMONIA the biggest new york area company in private hands is among the least known. Transammonia Inc., one of the world’s leading Rank Est. revenues Rank Est. revenues traders and distributors of fertilizer, crude oil and petrochemicals, in 2003 (in millions) in 2003 (in millions) has replaced the Trump Organization at the top of Crain’s list.Rev- 1 Trump Organization $10,400 6 Bonjour Group $3,786 enues have soared from $6.1 billion in 2005, thanks to heightened #1 demand for oil and agriculture-related commodities. 2 MacAndrews & Forbes Holdings $5,700 7 Hearst $3,565 The company,which has been around since 1965 and competes 3 $5,565 8 $3,150 with Cargill and ConAgra, keeps a low profile. Its Web site doesn’t Advance Publications Rosenthal & Rosenthal even ID top managers—though it proudly states that the firm sold 4 Lefrak Organization $4,000 9 Bloomberg $3,000 5.8 million metric tons of urea last year.The last and perhaps only time that the com- pany made headlines appears to have been in 2006, when Chairman Ronald Stan- 5 Transammonia $4,000 10 Kinray $2,610 ton (above) donated $100 million to Yeshiva University. —aaron elstein The 2003 list of the largest privately held companies was published on Nov. 24.

18 | Crain’s New York Business | November 24, 2008 CNYB 11-24-08 A 19 11/20/2008 8:33 PM Page 1

REPORT PRIVATELY HELD COMPANIES

Projected 2008 2008 total revenues 2007 revenues company Rank Company Phone/Web site Top executive(s) (in millions) (in millions) employees1 Nature of business Year end

Parsons Brinckerhoff (212) 465-5000 Keith J. Hawksworth $2,157.0 $1,854.0 12,500 Strategic consulting, planning, October 1 Penn Plaza www.pbworld.com Chief executive engineering, program/construction 17 New York, NY 10119 management and operations Univision Communications Inc. 2 (212) 455-5200 Joseph Uva $2,070.0 $2,070.0 6,529 Spanish-language media company December 605 Third Ave. www.univision.net Chief executive 18 New York, NY 10158 Sequa Corp. 2 (212) 986-5500 Martin Weinstein $1,960.0 $1,960.0 10,000 Aerospace, automotive December 200 Park Ave. www.sequa.com Chief executive 19 New York, NY 10166 Horizon Media Inc. (212) 916-8600 Bill Koenigsberg $1,850.0 $1,800.0 475 Media services agency December 630 Third Ave. www.horizonmedia.com President, chief executive 20 New York, NY 10017 ICC Industries Inc. (212) 521-1700 John Farber $1,800.0 $1,734.0 1,500 Manufacturer and distributor of December 460 Park Ave. www.iccindustries.com Chairman, chief executive chemicals, pharmaceuticals, plastics 21 New York, NY 10022 and flavorings Blue Tee Corp. (212) 598-0880 William M. Kelly $1,763.8 $1,103.0 916 Manufacturer and distributor of December 250 Park Ave. South www.bluetee.com President, chief operating industrial equipment and structural 22 New York, NY 10003 officer steel products Duane Reade Inc. (212) 273-5700 John A. Lederer $1,700.0 $1,687.0 6,500 Retail drugstores December 440 Ninth Ave. www.duanereade.com Chairman, chief executive 23 New York, NY 10001 Continental Grain Co. (212) 207-5100 Paul J. Fribourg $1,637.0 $1,481.0 12,700 Agribusiness and investments March 277 Park Ave. www.continentalgrain.com Chairman, president, chief 24 New York, NY 10172 executive Sigma Plastics Group 2 (201) 933-6000 Alfred S. Teo $1,580.0 $1,580.0 5,000 Plastic film, sheeting and bags October Page Ave. and Schuyler Ave. www.sigmaplastics.com Chairman, chief executive 25 Lyndhurst, NJ 07071 Personal Communications Devices 2 (631) 233-3300 Philip Christopher $1,450.0 $1,450.0 260 Communications equipment December 555 Wireless Blvd. www.pcdphones.com Chief executive 26 Hauppauge, NY 11788 Insight Communications Co. 2 (917) 286-2300 Sidney R. Knafel $1,400.0 $1,400.0 2,569 Telecommunications December 810 Seventh Ave. www.insight-com.com Chairman 27 New York, NY 10019 P.C. Richard & Son (631) 843-4300 Gary Richard $1,380.0 $1,250.0 2,600 Retailer of appliances, consumer January 150 Price Parkway www.pcrichard.com Chief executive electronics and computer products 28 Farmingdale, NY 11735 Continued

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November 24, 2008 | Crain’s New York Business | 19 CNYB 11-24-08 A 20 11/20/2008 8:33 PM Page 1

REPORT PRIVATELY HELD COMPANIES

Projected 2008 2008 total revenues 2007 revenues company Rank Company Phone/Web site Top executive(s) (in millions) (in millions) employees1 Nature of business Year end

Visant Holding Corp. 2 (914) 595-8200 Marc L. Reisch $1,270.2 $1,270.2 5,691 School-related affinity products, December 357 Main St. www.visant.net Chairman, president, chief marketing and publishing services 29 Armonk, NY 10504 executive Goya Foods Inc. 3 (201) 348-4900 Robert I. Unanue $1,260.0 $1,260.0 3,000 Food manufacturing, marketing and December 100 Seaview Drive www.goya.com President distribution 30 Secaucus, NJ 07096 Amscan Holdings Inc. 2 (914) 345-2020 Gerald C. Rittenberg $1,250.0 $1,250.0 12,570 Party accessories and novelties December 80 Grasslands Road www.amscan.com Chief executive 31 Elmsford, NY 10523 Gould Paper Corp. (212) 301-0000 Harry E. Gould Jr. $1,155.0 $1,125.0 437 Distributor of printing, publishing December 11 Madison Ave. www.gouldpaper.com Chairman, president, chief and business papers 32 New York, NY 10010 executive Inserra Supermarkets Inc. (201) 529-5900 Lawrence R. Inserra Jr. $1,075.0 $1,056.0 3,200 ShopRite supermarkets and December 20 Ridge Road www.shoprite.com President, chief executive superstores 33 Mahwah, NJ 07430 Newark Group Inc. (908) 276-4000 Robert H. Mullen $1,028.9 $923.0 3,144 Manufacturer of recycled paperboard April 20 Jackson Drive www.newarkgroup.com Chairman, president, chief 34 Cranford, NJ 07016 executive Plaza Construction Corp. (212) 849-4800 Steven Fisher $984.0 $1,253.0 314 Construction services December 260 Madison Ave. www.plazaconstruction.com Chairman, chief executive 35 New York, NY 10016 Richard Wood President CIC International Ltd. (201) 792-1800 S.G. Fassoulis $983.1 $976.0 1,004 Surveillance equipment, munitions August 5 Marine View Plaza www.cic-international.com Chief executive and other military supplies 36 Hoboken, NJ 07030 Insurance Services Office Inc. (201) 469-2000 Frank J. Coyne $900.0 $803.7 3,416 Risk-assessment services and December 545 Washington Blvd. www.iso.com Chairman, president, chief decision analytics 37 Jersey City, NJ 07310 executive Max Kahan Inc. (212) 575-4646 Max Kahan $877.0 $420.0 12 Refining and precious metals November 20 W. 47th St. — President 38 New York, NY 10036 Harold Levinson Associates Inc. (631) 962-2400 Edward Berro $850.0 $766.0 400 Distributor of tobacco products, December 21 Banfi Plaza www.hladist.com President candy, groceries and sundries 39 Farmingdale, NY 11735 National Envelope Corp. (516) 699-4000 William Ungar $825.0 $866.0 4,000 Envelope manufacturer December 333 Earle Ovington Blvd. www.nationalenvelope.com Chairman 40 Uniondale, NY 11553 Leviton Manufacturing Co. 2 (718) 229-4040 Donald J. Hendler $799.6 $799.6 6,100 Electrical and electronic components December 59-25 Little Neck Parkway www.leviton.com President, chief executive 41 Little Neck, NY 11362 Alliance Shippers Inc. 2 (201) 227-0400 Ronald Lefcourt $740.8 $740.8 550 Intermodal freight transportation June 516 Sylvan Ave. www.alliance.com President, chief executive 42 Englewood Cliffs, NJ 07632 Publishers Clearing House (516) 883-5432 Andy Goldberg $700.0 $620.0 417 Multichannel direct marketer of December 382 Channel Drive www.pch.com President, chief executive home products and magazines 43 Port Washington, NY 11050 Atalanta Corp. (908) 351-8000 George G. Gellert $690.0 $625.0 445 Food importer December 1 Atalanta Plaza www.atalanta1.com Owner, chairman 44 Elizabeth, NJ 07206 Modell’s Sporting Goods (212) 822-1000 Mitchell B. Modell $630.4 $636.5 5,400 Retail sporting goods January 498 Seventh Ave. www.modells.com Chief executive 45 New York, NY 10018 Bamberger Polymers Inc. (516) 622-3600 Lawrence Ubertini $616.0 $522.0 130 Distributor of plastic resin March 2 Jericho Plaza www.bambergerpolymers.com President, chief executive 46 Jericho, NY 11753 Rallye Motors Holding 2 (516) 625-1600 Juliana Terian $615.0 $591.0 551 Auto dealership December 1600 Northern Blvd. www.rallyemotors.com Chairman 47 Roslyn, NY 11576 Manhattan Beer Distributors (718) 292-9300 Simon Bergson $603.2 $567.8 1,391 Beer distributor December 400 Walnut Ave. www.manhattanbeer.com President, chief executive 48 Bronx, NY 10454 Krasdale Foods Inc. (914) 694-6400 Charles A. Krasne $601.0 $567.0 673 Wholesale food distribution December 65 W. Red Oak Lane www.krasdalefoods.com President, chief executive 49 White Plains, NY 10604 Newmark Holdings (212) 372-2000 Barry Gosin $590.4 $565.5 1,500 Commercial real estate services and December 125 Park Ave. www.newmarkkf.com Chief executive ownership 50 New York, NY 10017 Fedway Associates Inc. (973) 624-6444 Richard Leventhal $565.0 $545.0 550 Importer and distributor of wines June River Terminal Development, Bldg. 56 www.fedway.com Chief executive and spirits 51 Kearny, NJ 07032 Neil Barnett President

COMPANY SPOTLIGHT TELECOM FIRM TRIES TO FLEE PRIVATE RANKS 10-YEAR FLASHBACK TOP 10 it has been a year since Broadview Networks,a voice and data COMPANIES ON CRAIN’S LIST IN 1998 BROADVIEW networking provider, filed to raise $287.5 million in an initial Rank Est. revenues Rank Est. revenues NETWORKS public offering. Nothing has happened since. in 1998 (in millions) in 1998 (in millions) The Rye Brook, N.Y.-based telecom firm will not comment 1 Goldman Sachs Group $20,433 6 Advance Publications $2,700 on its prospects, but this isn’t the first time that economic con- ditions has foiled its plans to go public. In 2000, the company 2 Continental Grain $15,000 7 Rosenthal & Rosenthal $2,700 withdrew an IPO filing,citing market conditions that made the #57 3 Trump Organization $6,900 8 Entex Information Systems $2,500 offering “inadvisable,” according to SEC filings. getty images Broadview, led since 2005 by Michael Robinson (left), has 4 Wakefern Food $3,500 9 Renco Group $2,500 grown in recent years through mergers and acquisitions.The 12-year-old company, which serves small and midsize businesses in 20 Northeastern markets, has raised 5 Lefrak Organization $2,810 10 MacAndrews & Forbes Holdings $2,457 more than $320 million in venture funding since its inception. —amanda fung The 1998 list of the largest privately held companies was published on Nov. 30.

20 | Crain’s New York Business | November 24, 2008 CNYB 11-24-08 A 21 11/20/2008 8:34 PM Page 1

REPORT PRIVATELY HELD COMPANIES

Projected 2008 2008 total revenues 2007 revenues company Rank Company Phone/Web site Top executive(s) (in millions) (in millions) employees1 Nature of business Year end Guardsmark (212) 765-8226 Ira A. Lipman $560.9 $551.6 19,467 Security services June 10 Rockefeller Plaza www.guardsmark.com Chairman, president 52 New York, NY 10020 Coinmach Service Corp. 2 (516) 349-8555 Stephen R. Kerrigan $555.3 $555.3 1,950 Laundry equipment services March 303 Sunnyside Blvd. www.coinmachservicecorp.com Chairman, president, chief 53 Plainview, NY 11803 executive Schonfeld Group (516) 822-0202 Steven Schonfeld $522.5 $327.1 128 Asset management, proprietary December 1 Jericho Plaza www.schonfeld.com Chairman, chief executive trading and investments 54 Jericho, NY 11753 Allied Beverage Group 2 (201) 842-6200 Eric Perlmutter $521.5 $521.5 800 Wine and spirits distributor January 600 Washington Ave. www.alliedbeverage.com Co-chairman, chief executive 55 Carlstadt, NJ 07071 Phibro Animal Health Corp. (201) 329-7300 Jack C. Bendheim $511.4 $453.0 900 Animal health and nutrition June 65 Challenger Road www.pahc.com Chairman products and performance chemicals 56 Ridgefield Park, NJ 07660 Broadview Networks (914) 922-7000 Michael Robinson $500.0 $451.2 1,300 Integrated communications provider December 800 Westchester Ave. www.broadviewnet.com President, chief executive 57 Rye Brook, NY 10573 Curry Automotive (914) 725-3500 Bernard F. Curry III $500.0 $470.4 650 Automobile dealerships December 727 Central Ave. www.currycars.com Owner, chief executive 58 Scarsdale, NY 10583 Bad Boy Worldwide Entertainment Group 2 (212) 381-1540 Sean (Diddy) Combs $500.0 $500.0 600 Full-service entertainment and December 1710 Broadway www.badboyonline.com Chairman, chief executive marketing 59 New York, NY 10019 Shevell Group of Companies (908) 965-0100 Myron P. Shevell $490.0 $482.0 3,600 Trucking, warehousing, logistics and December 1-71 North Ave. East www.shevellgroup.com Chairman real estate 60 Elizabeth, NJ 07201 Tully Construction Co. (718) 446-7000 Peter K. Tully $484.1 $467.1 200 Construction and waste haulingDecember 127-50 Northern Blvd. www.tullyconstruction.com Chief executive 61 Flushing, NY 11368 Russell Reynolds Associates (212) 351-2000 Matthew J. Wright $483.0 $487.9 1,054 Executive search and assessment December 200 Park Ave. www.russellreynolds.com President, chief executive 62 New York, NY 10166 Key Food Stores Co-Operative Inc. (718) 370-4200 Dean Janeway $480.1 $469.9 60 Supermarket cooperative April 1200 South Ave. www.keyfoodstores.com Chief executive 63 Staten Island, NY 10314 Continued OUR TRAINS STILL LET OFF

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November 24, 2008 | Crain’s New York Business | 21 CNYB 11-24-08 A 22 11/20/2008 8:35 PM Page 1

REPORT PRIVATELY HELD COMPANIES

Projected 2008 2008 total revenues 2007 revenues company Rank Company Phone/Web site Top executive(s) (in millions) (in millions) employees1 Nature of business Year end

Jetro Cash & Carry Enterprises (718) 762-8700 Stanley Fleishman $470.0 $447.0 1,343 Grocery and food service wholesaler December 15-24 132nd St. www.jetro.com Chief executive 64 College Point, NY 11356 A & E Stores Inc. and Associated Companies (201) 393-0600 Alan A. Ades $460.0 $440.0 1,800 Retail stores, family apparel, real December 1000 Huyler St. www.aestores.com Chairman, chief executive estate and biotechnology 65 Teterboro, NJ 07608 Weeks Marine Inc. (908) 272-4010 Richard S. Weeks $460.0 $472.1 875 Marine construction services and December 4 Commerce Drive www.weeksmarine.com President dredging 66 Cranford, NJ 07016 Jimlar Corp. (516) 829-1717 Laurence Tarica $438.0 $398.4 700 Footwear designer, marketer and January 160 Great Neck Road www.jimlar.com President distributor 67 Great Neck, NY 11021 Atlantic Express Transportation Group Inc. (718) 442-7000 Domenic Gatto $434.0 $429.0 7,700 School, paratransit and coach June 7 North St. www.atlanticexpress.com President, chief executive transportation 68 Staten Island, NY 10302 HRH Construction (914) 993-5500 Brad C. Singer $425.0 $402.0 130 Construction management and December 50 Main St. www.hrhconstruction.com President general contracting 69 White Plains, NY 10606 Hanover Direct Inc. 2 (201) 863-7300 Wayne P. Garten $415.7 $415.7 1,840 Catalog sales, e-commerce December 1500 Harbor Blvd. www.hanoverdirect.com President, chief executive, 70 Weehawken, NJ 07086 director Shubert Organization Inc. (212) 944-3700 Gerald Schoenfeld $408.0 $419.0 1,450 Owner and operator of theaters and June 234 W. 44th St. www.shubertorg.com Chairman ticketing services 71 New York, NY 10036 J&R Music and Computer World (212) 238-9000 Rachelle Friedman $405.0 $380.0 675 4 Audio, video, cameras, music, December 23 Park Row www.jr.com Co-chief executive computers, appliances and home 72 New York, NY 10038 office products Turtle & Hughes Inc. (732) 574-3600 Suzanne T. Millard $405.0 $345.0 540 Wholesale distributor of electrical September 1900 Lower Road www.turtle.com Chairman, president and industrial supplies 73 Linden, NJ 07036 Sleepy’s Inc. 2 (516) 844-8800 Harry Acker $394.0 $394.0 1,200 Mattress retailer December 175 Central Ave. South www.sleepys.com Chairman 74 Bethpage, NY 11714 Sam Ash Music Corp. 2 (516) 932-6400 Richard Ash $385.0 $385.0 1,700 Musical instruments retailer August 278 Duffy Ave. www.samashmusic.com Chief executive 75 Hicksville, NY 11801 Malcolm Pirnie (914) 694-2100 William P. Dee $383.0 $364.0 1,750 Environmental engineering and December 104 Corporate Park Drive www.pirnie.com President, chief executive consulting services 76 White Plains, NY 10602 Sugar Foods Corp. (212) 753-6900 Donald G. Tober $382.0 $380.0 735 Food manufacturing and marketing December 950 Third Ave. www.sugarfoods.com Chairman 77 New York, NY 10022 Barr & Barr Inc. (212) 563-2330 Donald M. Barr $377.0 $401.0 327 Construction management December 460 W. 34th St. www.barrandbarr.com President, chief executive 78 New York, NY 10001 Bayside Fuel Oil Corp. (718) 372-9800 Sergio Allegretti $375.0 $258.0 37 Wholesaler of fuel products, December 1776 Shore Parkway www.baysidedepot.com President terminal operator 79 Brooklyn, NY 11214 Sbarro Inc. 2 (631) 715-4100 Peter J. Beaudrault $358.8 $358.8 5,400 Operator and franchisor of December 401 Broadhollow Road www.sbarro.com Chairman, president, chief cafeteria-style Italian restaurants 80 Melville, NY 11747 executive Darby Group Cos. 2 (516) 683-1800 Michael Ashkin $350.0 $350.0 650 Manufactures and distributes dental, December 865 Merrick Ave. www.darbygroup.com Chairman medical, nutritional and veterinary 81 Westbury, NY 11590 products Supreme Oil Co. (201) 567-3177 Michael Leffler $350.0 $260.0 300 Manufacturer and packer of oils, December 80 S. Dean St. www.admirationfoods.com President shortening, mayonnaise and 82 Englewood, NJ 07631 margarine Outsourcing Services Group Inc. 2 (201) 782-0404 Robert E. Blanchard $335.0 $335.0 2,800 Contract manufacturer of cosmetics December 50 Tice Blvd. — Chief executive, vice chairman and personal care products 83 Woodcliff Lake, NJ 07677 Topps Co. 2 (212) 376-0300 Scott A. Silverstein $326.7 $326.7 422 Trading cards, confections February 1 Whitehall St. www.topps.com President, chief executive 84 New York, NY 10004 Accessory Network Group (212) 842-3000 Abe Chehebar $320.0 $282.0 400 Makers of handbags and accessories December 350 Fifth Ave. www.accessorynetwork.com Chairman, chief executive 85 New York, NY 10118 Information Builders (212) 736-4433 Gerald D. Cohen $316.0 $313.0 1,416 Software and services December 2 Penn Plaza www.informationbuilders.com President, chief executive 86 New York, NY 10121

COMPANY SPOTLIGHT RETAILER GOES AFTER RIVALS’ MARKET SHARE TOTAL REVENUES AT THE TOP 200 since it was founded by Joe and Rachelle Friedman in 1971 ESTIMATED 2008 SALES, IN BILLIONS J&R MUSIC as a record store,J&R Music and Computer World has become The area’s largest privately held companies keep growing. Collectively, the AND an institution,boasting more than 200,000 products.Two years companies on Crain’s 2008 list are projected to post an 8.3% revenue COMPUTER ago,J&R opened an express site at Macy’s in Herald Square to increase this year, versus a 7.0% projected rise for those listed last year. WORLD supplement the block-long Park Row location. Since Circuit City filed for bankruptcy protection—and Best Buy reported a substantial drop in October same-store + sales—J&R is poised to grab more market share in the Big Ap- 8.3% ple. It’s even plotting a new TV ad campaign.“It captures the essence of who we are, $146.6 $158.7 #72 and why we’re still here long after others have failed,” says Ms. Friedman (left). J&R’s holiday sales are on par with last year’s, she says.“We’re not having the in- 2007 2008* creases we’d have liked, but so far, we’re doing OK.” —adrianne pasquarelli *Projected. ➡

22 | Crain’s New York Business | November 24, 2008 CNYB 11-24-08 A 23 11/20/2008 8:36 PM Page 1

REPORT PRIVATELY HELD COMPANIES

Projected 2008 2008 total revenues 2007 revenues company Rank Company Phone/Web site Top executive(s) (in millions) (in millions) employees1 Nature of business Year end Judlau Contracting Inc. (718) 321-1818 Jay Dier $303.5 $253.1 175 Heavy construction December 26-15 Ulmer St. www.judlau.com President, Judlau Cos. 87 College Point, NY 11354 Empire Office Inc. (212) 607-5500 Peter Gaslow $295.0 $295.0 240 Contract furniture dealer December 387 Park Ave. South www.empireoffice.com President 88 New York, NY 10016 Beneath Your Sole Inc. 2 (914) 663-7790 Ramel Sherman, $290.0 $280.0 70 Building maintenance, floor care December 20 Beechwood Ave. www.beneathyoursole.com Pamela Sherman 89 Mount Vernon, NY 10553 Co-chief executives, owners Studley (212) 326-1000 Mitchell S. Steir $285.0 $293.0 900 Commercial real estate servicesDecember 300 Park Ave. www.studley.com Chairman, chief executive 90 New York, NY 10022 Hapco Farms (631) 369-7000 Andrew Pollak $284.0 $272.0 500 Distributor of fruits and vegetablesDecember 889 Harrison Ave. www.hapcofarms.com President, chief executive 91 Riverhead, NY 11901 Banfi Products Corp. (516) 626-9200 John F. Mariani $280.0 $295.0 150 Wine importer and marketer December 1111 Cedar Swamp Road www.banfi.com Chairman, chief executive 92 Old Brookville, NY 11545 ADCO Electrical Corp. 2 (718) 494-4400 Edward J. Welsh $275.0 $275.0 800 Electrical construction and December 201 Edward Curry Ave. www.adcoonline.com President communications services 93 Staten Island, NY 10314 Henegan Construction Co. (212) 947-6441 Maureen A. Henegan $275.0 $230.0 80 Construction management and December 250 W. 30th St. www.henegan.com Chief executive general contracting 94 New York, NY 10001 Denihan Hospitality Group (212) 465-3700 Brooke Barrett, $270.0 $235.0 1,240 Hotel ownership and management December 551 Fifth Ave. www.denihan.com Patrick Denihan 95 New York, NY 10176 Co-chief executives Eileen Fisher Inc. (914) 591-5700 Eileen Fisher $270.0 $254.0 641 Women’s clothing designer, December 2 Bridge St. www.eileenfisher.com Chief creative officer wholesaler and retailer 96 Irvington, NY 10533 Phoenix Beverages Inc. 2 (718) 609-7200 Rodney Brayman $270.0 $270.0 500 Distributor of alcoholic beverages n/a 3788 Review Ave. — President 97 Long Island City, NY 11101 Personal-Touch Home Care Inc. (718) 468-2500 Felix Glaubach $268.0 $249.0 14,000 Home health care December 222-15 Northern Blvd. www.pthomecare.com President 98 Bayside, NY 11361 Ergonomic Group Inc. (516) 746-7777 Karen P. Girards $265.0 $267.0 165 IT solutions provider and distributor December 609-3 Cantiague Rock Road www.ergogroup.com President 99 Westbury, NY 11590 Nebraskaland Inc. (718) 842-0700 Richard Romanoff $265.0 $230.0 152 Wholesale meat distributor December 355 Food Center Drive www.nebraskaland.com President, chief executive 100 Bronx, NY 10474 Levine Builders (718) 224-7147 Jeffrey E. Levine $255.0 $87.0 62 Construction management and December 42-09 235th St. www.levinebuilders.com Chairman general contracting 101 Douglaston, NY 11363 Leon D. DeMatteis Construction Corp. 2 (516) 285-5500 Richard F. DeMatteis $251.3 $135.6 96 Construction management and December 820 Elmont Road www.dematteisorg.com President general contracting 102 Elmont, NY 11003 Crestron Electronics Inc. 2 (201) 767-3400 George Felstein $250.0 $250.0 1,000 Hardware and software provider June 15 Volvo Drive www.crestron.com President, chief executive 103 Rockleigh, NJ 07647 ILC Industries Inc. (631) 567-5600 Clifford P. Lane $250.0 $228.0 900 Defense electronics, aerostats, space December 105 Wilbur Place www.ddc-web.com Chairman, chief executive suits and chemical protective 104 Bohemia, NY 11716 clothing VJB Construction Corp. 2 (212) 268-4364 Vincent J. Bagnoli Jr. $250.0 $325.0 20 Construction management and October 555 Eighth Ave. www.vjbconstruction.com President, chief executive general contracting 105 New York, NY 10018 Tecna Corp. (201) 529-0410 Sikander A. Durrani $244.4 $227.0 440 Manufacturer and exporter of June 1 International Blvd. www.tecnacorp.com Chairman, chief executive industrial and aerospace products 106 Mahwah, NJ 07495 AFD Contract Furniture Inc. (212) 721-7100 Richard Aarons $240.0 4 $231.0 226 Contract furniture July 88 West End Ave. www.afd-inc.com President 107 New York, NY 10023 Alcott Group (631) 420-0100 Lou Basso $230.0 $220.0 4,900 Professional employer organization December 71 Executive Blvd. www.alcottgroup.com President 108 Farmingdale, NY 11735 NPD Group Inc. (516) 625-0700 Tod Johnson $227.0 4 $207.0 1,100 Marketing research and information September 900 West Shore Road www.npd.com Chairman, chief executive services 109 Port Washington, NY 11050 Nathel & Nathel Inc. (718) 991-6050 Ira Nathel $220.0 $198.0 150 Wholesale fruits and vegetablesDecember 357 NYC Terminal Market, Row C www.nnproduce.net President 110 Bronx, NY 10474 Vista Food Exchange Inc. (718) 542-4401 Vincent L. Pacifico $217.0 $195.0 77 Wholesale meat distributor November B-101 Hunts Point Co-op Market www.vistafood.com Chairman, chief executive 111 Bronx, NY 10474 Slomin’s Inc. 2 (516) 932-7000 Jason Salzman $215.9 $215.9 1,000 Security and gas heating equipment December 125 Lauman Lane www.slomins.com President 112 Hicksville, NY 11801 Apple & Eve (516) 621-1122 Gordon Crane $215.0 $197.0 80 Marketer of juices and other August 2 Seaview Blvd. www.appleandeve.com President beverages 113 Port Washington, NY 11050 Western World Insurance Group 2 (201) 847-8600 Andrew S. Frazier $209.2 $209.2 219 Commercial insurance December 400 Parsons Pond Drive www.westernworld.com President, chief executive 114 Franklin Lakes, NJ 07417 IBEX Construction (646) 366-6200 Andy Frankl $205.0 $175.0 150 Construction management and December 1372 Broadway www.ibexconstruction.com President, chief executive general contracting 115 New York, NY 10018 North Jersey Media Group Inc. 2 (201) 646-4000 Malcolm A. Borg $202.7 $202.7 2,043 Newspaper publishing and December 150 River St. www.northjersey.com Chairman commercial printing 116 Hackensack, NJ 07601 Continued

November 24, 2008 | Crain’s New York Business | 23 CNYB 11-24-08 A 24 11/21/2008 3:43 PM Page 1

REPORT PRIVATELY HELD COMPANIES

Projected 2008 2008 total revenues 2007 revenues company Rank Company Phone/Web site Top executive(s) (in millions) (in millions) employees1 Nature of business Year end

FreshDirect 3 (718) 928-1000 Richard Braddock $200.0 $200.0 1,800 Online grocer December 23-30 Borden Ave. www.freshdirect.com Chief executive 117 Long Island City, NY 11101 TransPerfect Inc. (212) 689-5555 Liz Elting $200.0 $156.7 885 Global language and business December 3 Park Ave. www.transperfect.com President, chief executive services 118 New York, NY 10016 Clare Rose Inc. (631) 475-1840 Lisa Rose $200.0 $197.0 270 Beer wholesaler December 72 Clare Rose Blvd. www.clarerose.com President, chief executive 119 Patchogue, NY 11772 Software Engineering of America Inc. (516) 328-7000 Russell Zitron $200.0 $200.0 75 Data management software December 1230 Hempstead Turnpike www.seasoft.com Vice president of technical 120 Franklin Square, NY 11010 services Harbor Seafood Inc. (516) 775-2400 Peter Cardone $200.0 $213.0 23 Wholesale frozen seafood June 969 Lakeville Road www.harborseafood.com President 121 New Hyde Park, NY 11040 Hayward Industries Inc. 2 (908) 351-5400 Robert Davis $199.5 $199.5 1,600 Swimming pool products and December 620 Division St. www.haywardnet.com President, chief executive equipment, industrial fluid-control 122 Elizabeth, NJ 07207 equipment GYMA Laboratories of America Inc. (516) 933-0900 Harold Lipton $195.0 $191.0 27 Pharmaceutical chemical distributor December 135 Cantiague Rock Road www.gyma.com President, chief executive 123 Westbury, NY 11590 Aurora Contractors Inc. (631) 981-3785 Frank Vero Sr. $190.0 $158.0 60 Construction management and October 100 Raynor Ave. www.auroracontractors.com President general contracting 124 Ronkonkoma, NY 11779 Terminal Construction Corp. (201) 939-9150 Donald D. Dinallo $185.0 $170.0 100 Construction management and December 215 State Highway 17 South www.terminalconstruction.com President, chief executive general contracting 125 Wood-Ridge, NJ 07075 Citadel Construction Corp. 2 (212) 710-8600 David P. Stack $183.4 $173.0 78 Construction management and December 220 Fifth Ave. www.citadelcc.com President general contracting 126 New York, NY 10001 Malt Products Corp. 2 (201) 845-4420 Ronald G. Targen $181.8 $181.8 650 Malt manufacturer December 88 Market St. www.maltproducts.com President 127 Saddle Brook, NJ 07663 E-J Electric Installation Co. (718) 786-9400 J. Robert Mann Jr. $180.0 $168.0 725 Electrical contractor December 46-41 Vernon Blvd. www.ej1899.com Chief executive 128 Long Island City, NY 11101 Kozy Shack Enterprises Inc. (516) 870-3000 Robert Striano $180.0 $160.0 450 Manufacturer of refrigerated December 83 Ludy St. www.kozyshack.com Chief executive puddings and desserts 129 Hicksville, NY 11801 Trans-Resources Inc. 2 (212) 515-4100 Arie Genger $178.3 $178.3 575 Specialty plant nutrients, industrial December 375 Park Ave. www.trans-resources.com Chairman and organic chemicals 130 New York, NY 10152 Stark Carpet Corp. (212) 752-9000 John S. Stark $175.0 $175.0 700 Seller of carpets, fabrics and December 979 Third Ave. www.starkcarpetcorp.com Chief executive furniture 131 New York, NY 10022 Steven J. Stark President Beyer Farms Inc. (718) 272-4500 Henry Beyer $175.0 $162.0 240 Milk products December 156-02 Liberty Ave. www.beyerfarms.com President, chief executive 132 Jamaica, NY 11433 Quick International Courier (212) 689-4151 Robert J. Mitzman $170.0 4 $150.0 520 Global priority shipping and September 212 Fifth Ave. www.quickintl.com President, chief executive logistics solutions 133 New York, NY 10010 Americon Construction Inc. (212) 274-0190 Richard C. Cucci $170.0 $166.0 78 Construction management and September 44 W. 18th St. www.americoninc.com Principal general contracting 134 New York, NY 10011 Daffy’s Inc. (201) 902-0800 Marcia Wilson $166.0 $162.9 1,169 Retailer of off-price apparel December Daffy’s Way www.daffys.com President, chief executive 135 Secaucus, NJ 07094 Cumberland Packing Corp. (718) 858-4200 Jeff Eisenstadt $165.0 $157.7 450 Food manufacturer December 2 Cumberland St. www.sweetnlow.com President, chief executive 136 Brooklyn, NY 11205 Innovative Stone (631) 273-4445 Karen Pearse $165.0 $140.0 450 Natural stone importer, distributor December 150 Motor Parkway www.innovativestone.com Chief executive, founder and fabricator 137 Hauppauge, NY 11788 Hudson Realty Capital (212) 532-3553 Spencer Garfield $165.0 $165.0 32 Real estate fund manager December 250 Park Ave. South www.hudsoncap.com Managing director 138 New York, NY 10003 ABCO Refrigeration Supply Corp. (718) 937-9000 Michael Senter $160.0 $156.0 270 Refrigeration and air-conditioning December 49-70 31st St. www.abcorefrigeration.com Chief executive equipment and supplies 139 Long Island City, NY 11101

COMPANY RESTAURANT CHAIN HAS DEBT ON ITS PLATE TOP 5 IN EMPLOYEES THE COMPANIES SPOTLIGHT WITH THE MOST STAFFERS IN 2008 founded in 1956, the Sbarro Inc.restaurant chain was acquired SBARRO INC last year by private equity firm MidOcean Partners for $450 Company/ Total Projected ’08 revenues million. The chain, known for its pizza and pasta dishes, has overall rank employees (in millions) 1,061 outposts at shopping centers, airports, universities, high- Advance Publications (#3) 29,100 $7,970.0 way rest stops, hotels, stadiums and hospitals in 43 countries. #80 The firm is looking to expand even further internationally. Trump Organization (#2) 22,510 $10,850.0 But the Melville, N.Y.-based chain faces some significant challenges. Saddled with $333 million in debt and having Guardsmark (#52) 19,467 $560.9 racked up losses of $8.9 million so far this year, Sbarro is on a list of companies that Standard & Poor’s believes could be in danger of default. Hearst (#10) 17,070 $4,380.0 Sbarro’s chief executive since 2004,Peter Beaudrault (left),formerly headed Hard Rock Café International. —lisa fickenscher Renco Group (#4) 16,000 $5,500.0

24 | Crain’s New York Business | November 24, 2008 CNYB 11-24-08 A 25 11/20/2008 8:41 PM Page 1

REPORT PRIVATELY HELD COMPANIES

Projected 2008 2008 total revenues 2007 revenues company Rank Company Phone/Web site Top executive(s) (in millions) (in millions) employees1 Nature of business Year end

ABC Carpet & Home 2 (212) 473-3000 Paulette Cole $156.0 $156.0 659 Floor coverings and home December 888 Broadway www.abchome.com Chief executive furnishings retailer 140 New York, NY 10003 Curtis Instruments Inc. (914) 666-2971 Stuart Marwell $152.0 $142.0 1,000 Manufacturer of instrumentation November 200 Kisco Ave. www.curtisinst.com President, chief executive and controls for electric vehicles 141 Mount Kisco, NY 10549 Imperial Bag & Paper Co. (201) 437-7440 Robert Tillis $152.0 $124.0 150 Wholesale food service, packaging December 59 Hook Road www.imperialbag.com President, chief executive and janitorial supplies 142 Bayonne, NJ 11557 Carole Hochman Design Group Inc. (212) 725-1212 Carole Hochman $151.0 $150.0 332 Women’s sleepwear December 135 Madison Ave. www.carolehochman.com Chairman 143 New York, NY 10016 Liberty Maritime Corp. (516) 488-8800 Philip Shapiro $150.0 $172.0 275 Deep-sea foreign transportation December 1979 Marcus Ave. www.libertymar.com Chief executive 144 Lake Success, NY 11042 Silverite Construction Co. (516) 681-0562 Angelo Silveri $146.0 $125.0 250 General contracting December 520 Old Country Road www.silverite.com Chief executive 145 Hicksville, NY 11801 Futter Lumber Corp. (516) 764-4445 Bernard Futter $145.0 $199.0 38 Wholesale lumber December 100 Merrick Road — President 146 Rockville Centre, NY 11570 DiCarlo Distributors Inc. (631) 758-6000 Vincent DiCarlo Sr. $141.5 $138.0 245 Food service distributor June 1630 N. Ocean Ave. www.dicarlofood.com President, chief executive 147 Holtsville, NY 11742 W.W. Norton & Co. 2 (212) 354-5500 W. Drake McFeely $141.1 $141.1 1,000 Independent book publisher March 500 Fifth Ave. www.wwnorton.com Chairman, president 148 New York, NY 10110 Great Neck Saw Manufacturers Inc. 2 (516) 746-5352 Richard Jacoff $138.2 $138.2 700 Manufacturer of hand tools and auto December 165 E. Second St. www.greatnecksaw.com Chairman repair tools 149 Mineola, NY 11501 Associated Global Systems Inc. (516) 627-8910 Norman Freeman $136.0 $142.0 400 Cargo transportation, distribution July 3333 New Hyde Park Road www.agsystems.com President and logistics 150 New Hyde Park, NY 11042 Riese Organization (212) 563-7440 Dennis Riese $133.0 4 $122.0 1,500 Restaurants and real estate April 560 Fifth Ave. www.rieserestaurants.com Chairman, chief executive 151 New York, NY 10036 Vision Financial Markets (212) 859-0200 Howard Rothman $131.0 4 $115.0 80 Commodities and securities June 1 Whitehall St. www.visionfinancialmarkets.com President, chief financial officer brokerage and clearing services 152 New York, NY 10004 Loren Communications International Ltd. (212) 752-4900 Pamela Loren $130.0 $128.0 500 International medical December 155 E. 55th St. — Chairman, chief executive telecommunications 153 New York, NY 10022 Amerex Group Inc. (212) 609-3000 Ira Ganger $130.0 $120.0 80 Wholesale apparel December 512 Seventh Ave. www.amerexgroup.com Chairman, president 154 New York, NY 10018 VRH Construction Corp. 2 (201) 871-4422 Victor D. Wortmann Jr. $130.0 $128.0 80 Construction management and September 320 Grand Ave. www.vrhcorp.com President general contracting 155 Englewood, NJ 07631 Okonite Co. 2 (201) 825-0300 Victor A. Viggiano $129.8 $129.8 1,000 Wire and cable products December 102 Hilltop Road www.okonite.com Chairman, chief executive 156 Ramsey, NJ 07446 By Design (201) 649-9300 Jay Lee $129.0 $158.4 72 Women’s apparel wholesaler March 2400 83rd St. www.bydesignllc.com President, chief executive 157 North Bergen, NJ 07047 Solomon-Page Group (212) 403-6100 Scott Page, Lloyd Solomon $127.0 4 $147.0 200 Temporary staffing and recruitment September 260 Madison Ave. www.solomonpage.com Managing directors services 158 New York, NY 10016 Service By Air Inc. (800) 243-5545 Joseph Poliseno $127.0 4 $121.0 137 Transportation and logistics August 222 Crossways Park Drive www.servicebyair.com President, chief executive 159 Woodbury, NY 11797 Marcal Paper Mills Inc. 2 (201) 796-4000 Nicholas R. Marcalus $126.1 $126.1 1,000 Manufacturer of consumer tissue April 1 Market St. www.marcalpaper.com Chairman, president, chief and towel products 160 Elmwood Park, NJ 07407 executive Apple-Metro Inc. (914) 777-2331 Zane Tankel $125.0 $113.5 2,300 Restaurants December 550 Mamaroneck Ave. www.applemetrorestaurants.com Chairman 161 Harrison, NY 10528 D’Addario & Co. (631) 439-3300 Jim D’Addario $125.0 $115.0 994 Manufacturer of strings for musical December 595 Smith St. www.daddario.com Chairman, chief executive instruments and accessories 162 Farmingdale, NY 11735 Spraylat Corp. (914) 738-1600 Michael E. Borner $125.0 $125.0 375 Manufacturer of industrial coatings December 143 Sparks Ave. www.spraylat.com Chief executive 163 Pelham, NY 10803 Loehmann’s Holdings Inc. 2 (718) 409-2000 William J. Fox $122.1 $122.1 1,784 Off-price specialty apparel retailer January 2500 Halsey St. www.loehmanns.com Chairman 164 Bronx, NY 10461 Benfield Electric Supply Co. (914) 948-6660 Daniel J. McLaughlin $122.0 $116.5 166 Distributor of electrical and data October 25 Lafayette Ave. www.benfieldelectric.com President, chief executive communications products 165 White Plains, NY 10603 Davis & Warshow Inc. 2 (718) 937-9500 Frank Finkel $121.8 $121.8 250 Distributor of plumbing and heating December 57-22 49th St. www.daviswarshow.com President supplies 166 Maspeth, NY 11378 Arbor Commercial Mortgage 2 (516) 832-8002 Ivan Kaufman $121.6 $121.6 134 Real estate investment firm December 333 Earle Ovington Blvd. www.thearbornet.com Chief executive 167 Uniondale, NY 11553 Thornton Tomasetti (212) 661-7800 Daniel Cuoco $120.0 $112.0 650 Structural engineering, forensic December 51 Madison Ave. www.thorntontomasetti.com President investigation and analysis, 168 New York, NY 10010 Thomas Scarangello architectural restoration Chairman Wm. Blanchard Co. (973) 376-9100 Richard F. Blanchard $120.0 $107.8 95 Building construction December 199 Mountain Ave. www.wmblanchard.com Vice chairman 169 Springfield, NJ 07081 Continued

November 24, 2008 | Crain’s New York Business | 25 CNYB 11-24-08 A 26 11/20/2008 8:42 PM Page 1

REPORT PRIVATELY HELD COMPANIES

Projected 2008 2008 total revenues 2007 revenues company Rank Company Phone/Web site Top executive(s) (in millions) (in millions) employees1 Nature of business Year end

Bartlett Dairy Inc. (718) 658-2299 Thomas Malave $119.7 $134.8 239 Dairy and food service December 105-03 150th St. www.bartlettny.com President 170 Jamaica, NY 11435 D’Agostino Supermarkets Inc. 2 (914) 833-4000 Nicholas D’Agostino Jr. $119.1 $119.1 1,100 Supermarket groupJuly 1385 Boston Post Road www.dagnyc.com Chairman, chief executive 171 Larchmont, NY 10538 Croscill Inc. (212) 689-7222 Douglas Kahn $115.0 $125.0 600 Home fashions manufacturer December 261 Fifth Ave. www.croscill.com Chief executive 172 New York, NY 10016 National Home Health Care Corp. 2 (914) 722-9000 Frederick H. Fialkow $110.8 $110.8 3,680 Home health care services July 700 White Plains Road www.nhhc.net Chairman 173 Scarsdale, NY 10583 Waitex Group of Companies (212) 967-8100 Howard H. Li $110.0 $106.6 600 Warehouse distribution and apparel December 135 W. 36th St. www.waitex.com Chairman, chief executive manufacturer and wholesaler 174 New York, NY 10018 ASI System Integration Inc. (212) 736-0111 Sonny Chabra $110.0 $71.0 350 IT sourcing and consulting services December 48 W. 37th St. www.asisystem.com Chairman, chief executive 175 New York, NY 10018 Condal Distributors Inc. 2 (718) 589-1100 Carmen Fernández $110.0 $105.0 250 Specialty foods and distribution April 531 Dupont St. www.condalfoods.com President 176 Bronx, NY 10474 A. Zerega’s Sons Inc. 2 (201) 797-1400 John B. Vermylen $110.0 $110.0 150 Pasta manufacturer December 20-01 Broadway www.zerega.com President 177 Fair Lawn, NJ 07410 ACuPowder International (908) 851-4500 Edul Daver $106.0 $105.9 98 Manufacturer of nonferrous powders December 901 Lehigh Ave. www.acupowder.com President 178 Union, NJ 07083 DeFoe Corp. (914) 699-7440 John Amicucci Sr. $105.0 $100.6 250 Construction contractor of bridges December 800 S. Columbus Ave. www.defoecorp.com President and highways 179 Mount Vernon, NY 10550 Dial-A-Mattress Operating Corp. 2 (718) 472-1200 Napoleon Barragan $104.0 $104.0 320 Retail sale of mattresses and related December 31-10 48th Ave. www.mattress.com Chairman, chief executive bedding items 180 Long Island City, NY 11101 Sid Harvey Industries Inc. 2 (516) 745-9200 Sid Harvey $103.5 $103.5 470 Wholesale refrigeration, March 605 Locust St. www.sidharvey.com President air-conditioning and heating parts 181 Garden City, NY 11530 and equipment Lebhar-Friedman Inc. (212) 756-5000 J. Roger Friedman $102.0 $108.0 470 Publishing December 425 Park Ave. www.lf.com Owner, president 182 New York, NY 10022 Jack Schwartz Shoes Inc. (212) 691-4700 Bernard Schwartz $102.0 $106.0 90 Importer of branded shoes December 155 Sixth Ave. www.lugz.com Chairman 183 New York, NY 10013 National Spinning Co. (212) 382-6400 James Chesnutt Jr. $100.0 $100.0 750 Yarn mills and consumer craft December 1140 Sixth Ave. www.natspin.com President, chief executive products 184 New York, NY 10036 Connell Co. 2 (908) 673-3700 Grover Connell $99.2 $99.2 200 Rice distribution, equipment sales December 200 Connell Drive www.connellco.com President, chief executive and leasing, real estate development, 185 Berkeley Heights, NJ 07922 financial services Ruder Finn (212) 593-6400 Kathy Bloomgarden, $98.2 $93.5 583 Public relations December 301 E. 57th St. www.ruderfinn.com Peter Finn 186 New York, NY 10022 Co-chief executives Mannkraft (973) 589-7400 Dennis D. Mehiel $98.0 $98.8 314 Corrugated boxes and POP displays December 100 Frontage Road www.mannkraft.com President 187 Newark, NJ 07114 Lafayette 148 New York (646) 708-7000 Shun Yen Siu $95.0 $85.0 115 Women’s apparel wholesaler December 148 Lafayette St. www.lafayette148.com Chief executive 188 New York, NY 10013 Tri-Line Contracting (212) 245-7402 José Velazquez $95.0 $93.0 95 Construction management and December 253 W. 35th St. www.trilinecontracting.com President general contracting 189 New York, NY 10001 CNY Builders 2 (212) 302-9060 Kenneth Colao $95.0 $53.0 29 Construction management and December 214 W. 39th St. www.cnybuilders.com President general contracting 190 New York, NY 10018 Meadows Office Furniture Co. (212) 741-0333 Rosalie Stackman Edson $94.0 $93.5 121 Office furniture sales and December 71 W. 23rd St. www.meadowsoffice.com President, chief executive distribution 191 New York, NY 10010 Starpoint Solutions (212) 962-1550 Jeff Najarian $89.0 $87.5 710 Staffing, software implementation December 115 Broadway www.starpoint.com President, chief executive and application development 192 New York, NY 10006 Andron Construction Corp. 2 (914) 232-7531 Charles Winter $85.0 $87.0 75 Construction management and December 21 Anderson Lane www.androncc.com President general contracting 193 Goldens Bridge, NY 10526

COMPANY SPOTLIGHT TOP TENANT FIRM KEEPS ITSELF OCCUPIED GROWTH AT THE TOP 200 earlier this year, Studley became the only major real estate ADDING STAFF, BUILDING REVENUES STUDLEY firm in New York that exclusively represents tenants,after Jones The top 200 privately held companies employ 378,018 people worldwide. Lang LaSalle purchased The Staubach Co.,a tenant-only firm. Despite the tough economic times, most of the companies that provided Studley also launched a real estate practice group this year that 2008 revenue estimates are optimistic about this year’s prospects: helps clients create environmentally friendly spaces. #90 The firm’s largest deals in 2008 included representing Bur- berry in its 68,000-square-foot lease at 444 Madison and bro- kering Cooper Union’s 99-year ground lease at 51 Astor Place. getty images Founded in 1954 by Julien Studley, the firm was purchased 78.3% 15.9% 5.8% in 2002 in a management buyout led by Chief Executive Mitchell Steir (left) and project increases project declines expect revenues to President Michael Colacino. Studley has 19 offices across the U.S. and one in Lon- in revenues in revenues remain the same don, and a partnership with a French real estate company. —theresa agovino

26 | Crain’s New York Business | November 24, 2008 CNYB 11-24-08 A 27 11/20/2008 8:42 PM Page 1

REPORT PRIVATELY HELD COMPANIES

Projected 2008 2008 total revenues 2007 revenues company Rank Company Phone/Web site Top executive(s) (in millions) (in millions) employees1 Nature of business Year end Chloé Foods Corp. (718) 827-9000 Andrew Themis $83.0 $80.0 500 Food manufacturer and distributor December 3301 Atlantic Ave. www.chloefoods.com Chief executive 194 Brooklyn, NY 11208 Forbes Inc. 2 (212) 620-2200 Steve Forbes Jr. $78.8 $78.8 700 Magazine publishing December 60 Fifth Ave. www.forbes.com President, chief executive 195 New York, NY 10011 Pamarco Technologies Inc. 2 (908) 665-8500 Terry Ford $75.0 $75.0 1,050 Printing presses and related December 235 E. 11th Ave. www.pamarcotech.com Chief executive equipment 196 Roselle, NJ 07203 Inner City Broadcasting Corp. (212) 447-1000 Pierre M. Sutton $73.0 $73.0 270 Radio broadcasting December 3 Park Ave. www.wbls.com Chairman, chief executive 197 New York, NY 10016 Huntington Chevrolet Inc. 2 (631) 427-0900 Gregory Williams $73.0 $73.0 107 Automobile dealership December 370 Oakwood Road www.huntingtonchevy.com President 198 Huntington Station, NY 11746 Parsons & Whittemore Inc. 2 (914) 937-9009 George Landegger $72.7 $72.7 727 Pulp and paper manufacturer March 4 International Drive — Chairman, president, chief 199 Rye Brook, NY 10573 executive Gracious Home (212) 517-6300 Natan Wekselbaum $72.0 $72.0 525 Retail housewares, hardware, paint, December 1220 Third Ave. www.gracioushome.com President home furnishings, lighting, 200 New York, NY 10021 plumbing and luggage GDC (212) 594-8869 Courtney Dupree $72.0 $71.0 117 Lighting and furniture distributor December 47-07 32nd Place www.gdcinvestments.com Chief executive and electrical maintenance 200 Long Island City, NY 11101 New York area includes New York City and Westchester, Nassau and Suffolk counties in New York, and Bergen, Essex,Hudson and Union counties in New Jersey. In case of tied figures, companies are ranked by total number of employees. If those figures are tied, companies are ranked in alphabetical order. For companies that supplied revenue figures, 2008 figures are projections for those with fiscal years ending in October through December, and 2008 figures are actual for those with fiscal years ending in January through September, unless otherwise noted. n/a Not available. 1-Full-time and full-time-equivalent, as of Sept. 30. 2-Company did not respond to this year’s survey of privately held companies. Some data are Crain’s estimates based on other published information. 3-Some information, excluding 2008 revenue projections, was submitted or verified by the company. Revenue data are Crain’s projections based on other published information. 4-Company estimate. Research: Denise Southwood, Maia Blume and Sarah Studley

ALL OF CRAIN’S BUSINESS LISTS CAN BE PURCHASED AT WWW.CRAINSNEWYORK.COM/LISTS

ALPHABETICAL LISTING OF COMPANIES

COMPANY RANK COMPANY RANK COMPANY RANK COMPANY RANK COMPANY RANK

A & E Stores Inc. and Associated Companies 65 Chloé Foods Corp.______194 Harbor Seafood Inc. ______121 Marcal Paper Mills Inc. ______160 Shevell Group of Companies ______60 A. Zerega's Sons Inc. ______177 CIC International Ltd. ______36 Harold Levinson Associates Inc. ______39 Max Kahan Inc. ______38 Shubert Organization Inc.______71 ABC Carpet & Home ______140 Citadel Construction Corp.______126 Hayward Industries Inc. ______122 Meadows Office Furniture Co. ______191 Sid Harvey Industries Inc. ______181 ABCO Refrigeration Supply Corp. ______139 Clare Rose Inc. ______119 Hearst Corp. ______10 Modell's Sporting Goods ______45 Sigma Plastics Group ______25 Accessory Network Group ______85 CNY Builders ______190 Henegan Construction Co. ______94 Nathel & Nathel Inc. ______110 Silverite Construction Co. ______145 ACuPowder International ______178 Coinmach Service Corp. ______53 Horizon Media Inc. ______20 National Envelope Corp. ______40 Sleepy's Inc. ______74 ADCO Electrical Corp. ______93 Condal Distributors Inc. ______176 HRH Construction ______69 National Home Health Care Corp. ______173 Slomin's Inc.______112 Advance Publications Inc. ______3 Connell Co. ______185 Hudson Realty Capital ______138 National Spinning Co. ______184 Software Engineering of America Inc. ______120 AFD Contract Furniture Inc. ______107 Continental Grain Co. ______24 Huntington Chevrolet Inc. ______198 Nebraskaland Inc.______100 Solomon-Page Group______158 Alcott Group ______108 Crestron Electronics Inc. ______103 IBEX Construction ______115 Newark Group Inc. ______34 Spraylat Corp. ______163 Alliance Shippers Inc. ______42 Croscill Inc. ______172 ICC Industries Inc. ______21 Newmark Holdings ______50 Stark Carpet Corp.______131 Allied Beverage Group ______55 Cumberland Packing Corp.______136 ILC Industries Inc. ______104 North Jersey Media Group Inc. ______116 Starpoint Solutions ______192 Amerex Group Inc.______154 Curry Automotive ______58 Imperial Bag & Paper Co. ______142 NPD Group Inc.______109 Structure Tone Inc. ______13 Americon Construction Inc. ______134 Curtis Instruments Inc. ______141 Information Builders ______86 Okonite Co. ______156 Studley ______90 Amscan Holdings Inc. ______31 D'Addario & Co. ______162 Inner City Broadcasting Corp.______197 Outsourcing Services Group Inc. ______83 Sugar Foods Corp. ______77 Andron Construction Corp.______193 Daffy's Inc. ______135 Innovative Stone ______137 P.C. Richard & Son ______28 Supreme Oil Co. ______82 Apple & Eve ______113 D'Agostino Supermarkets Inc.______171 Inserra Supermarkets Inc. ______33 Pamarco Technologies Inc.______196 Tecna Corp. ______106 Apple-Metro Inc. ______161 Darby Group Cos. ______81 Insight Communications Co. ______27 Parsons & Whittemore Inc. ______199 Terminal Construction Corp. ______125 Arbor Commercial Mortgage ______167 Davis & Warshow Inc. ______166 Insurance Services Office Inc. ______37 Parsons Brinckerhoff ______17 Thornton Tomasetti ______168 ASI System Integration Inc. ______175 DeFoe Corp. ______179 J&R Music and Computer World ______72 Personal Communications Devices ______26 Tishman Construction Corp. ______7 Associated Global Systems Inc. ______150 Denihan Hospitality Group ______95 Jack Schwartz Shoes Inc. ______183 Personal-Touch Home Care Inc. ______98 Topps Co. ______84 Atalanta Corp. ______44 Dial-A-Mattress Operating Corp. ______180 Jetro Cash & Carry Enterprises______64 Phibro Animal Health Corp. ______56 Transammonia Inc. ______1 Atlantic Express Transportation Group Inc. __68 DiCarlo Distributors Inc.______147 Jimlar Corp. ______67 Phoenix Beverages Inc. ______97 TransPerfect Inc. ______118 Aurora Contractors Inc. ______124 Duane Reade Inc. ______23 Judlau Contracting Inc. ______87 Plaza Construction Corp. ______35 Trans-Resources Inc. ______130 Bad Boy Worldwide Entertainment Group ____59 Eileen Fisher Inc.______96 Key Food Stores Co-Operative Inc. ______63 Publishers Clearing House ______43 Tri-Line Contracting ______189 Bamberger Polymers Inc.______46 E-J Electric Installation Co.______128 Kinray Inc. ______8 Quality King Distributors Inc. ______16 Trump Organization ______2 Banfi Products Corp. ______92 Empire Office Inc. ______88 Kozy Shack Enterprises Inc. ______129 Quick International Courier ______133 Tully Construction Co. ______61 Barr & Barr Inc. ______78 Ergonomic Group Inc. ______99 Krasdale Foods Inc.______49 Rallye Motors Holding ______47 Turtle & Hughes Inc. ______73 Bartlett Dairy Inc. ______170 Fedway Associates Inc. ______51 Lafayette 148 New York ______188 Reader's Digest Association Inc. ______15 Univision Communications Inc. ______18 Bayside Fuel Oil Corp. ______79 Forbes Inc. ______195 Lebhar-Friedman Inc.______182 Red Apple Group Inc. ______11 Visant Holding Corp. ______29 Beneath Your Sole Inc. ______89 FreshDirect ______117 Leon D. DeMatteis Construction Corp. ____102 Renco Group Inc. ______4 Vision Financial Markets ______152 Benfield Electric Supply Co. ______165 Futter Lumber Corp. ______146 Levine Builders ______101 Riese Organization______151 Vista Food Exchange Inc. ______111 Beyer Farms Inc. ______132 Gould Paper Corp. ______32 Leviton Manufacturing Co. ______41 Rosenthal & Rosenthal Inc. ______6 VJB Construction Corp. ______105 Bloomberg ______5 Goya Foods Inc. ______30 Liberty Maritime Corp. ______144 Ruder Finn ______186 VRH Construction Corp. ______155 Blue Tee Corp. ______22 Gracious Home/GDC ______200 Loehmann's Holdings Inc. ______164 Russell Reynolds Associates ______62 W.W. Norton & Co. ______148 Broadview Networks ______57 Great Neck Saw Manufacturers Inc. ______149 Loren Communications International Ltd. __153 Sam Ash Music Corp. ______75 Waitex Group of Companies ______174 By Design______157 Guardsmark ______52 Malcolm Pirnie ______76 Sbarro Inc. ______80 Weeks Marine Inc. ______66 Carole Hochman Design Group Inc. ______143 GYMA Laboratories of America Inc.______123 Malt Products Corp. ______127 Schonfeld Group______54 Westcon Group Inc. ______14 Central National-Gottesman Inc. ______12 Hanover Direct Inc. ______70 Manhattan Beer Distributors ______48 Sequa Corp. ______19 Western World Insurance Group ______114 Charmer Sunbelt Group______9 Hapco Farms ______91 Mannkraft______187 Service By Air Inc. ______159 Wm. Blanchard Co. ______169

November 24, 2008 | Crain’s New York Business | 27 nb47p28-29cls.qxp 11/20/08 5:00 PM Page 28

EXECUTIVE RECRUITER PUBLIC & LEGAL NOTICES

POSITIONS AVAILABLE SUPREME COURT - COUNTY OF BRONX Notice of Qualification of McFarlin Notice of Qualification of GLOBAL PLUS+ THE PARK AVENUE BANK, Plaintiff against 1001 CASTLE Insurance Agency, LLC. Application for VALUE LLC. Authority filed with Secy. of REALTY GROUP CORP., et al Defendant(s).Pursuant to a Authority filed with the Secretary of State State of NY (SSNY) on 10/17/08. Office Judgment of Foreclosure and Sale entered herein and of New York (SSNY) on October 3, 2008 location: New York County. LLC formed in dated October 1, 2008, I, the undersigned Referee will N.Y. Office location: New York County. Delaware (DE) on 09/18/08. Principal sell at public auction at the Mario Merola County LLC formed in Maryland on September office of LLC: 650 Fifth Ave., NY, NY Building, Room 600, 851 Grand Concourse, Bronx, NY 15, 2008 SSNY has been designated as 10019. SSNY designated as agent of LLC on the 1st day of December, 2008 at 2:00 PM premises agent of LLC upon process against it may upon whom process against it may be situate, lying and being in the Borough and County of the be served. The P.O. address to which the served. SSNY shall mail process to Bronx, City and State of New York, bounded and described as follows: BEGINNING at a point on the cor- SSNY shall mail a copy of any process Corporation Service Co., 80 State St., ner formed by the intersection of the northerly side of against the LLC served upon him/her is Albany, NY 12207. DE address of LLC: Eastern Boulevard with the westerly side of Castle Hill C/O the LLC CT Corporation System, 111 2711 Centerville Rd., Ste. 400, Wilmington, Avenue as the same are now legally opened; being a plot Eighth Avenue, New York, New York New Castle Co., DE 19808. Arts. of Org. 108.06 feet by 80.36 feet by 108.06 feet by 80.45 feet. 10011. The principal business address of filed with Secy. of State of DE., John G. Said premises known as 1001 CASTLE HILL AVENUE, the LLC is: 6135 Hillside Court, Suite D, Townsend Bldg., Ste. 4, Dover, DE, 19901. BRONX, NY Approximate amount of lien $1,788,290.26 Columbia, Maryland 21046. Dissolution Purpose: Any lawful activity plus interest & costs. Premises will be sold subject to date: N/A Purpose of LLC to operate an provisions of filed judgment and terms of sale. Index insurance agency with respect to property Number 18755/07. STEVEN J. BAKER, ESQ., Referee. Notice of Formation of STAR QUALITY and casualty insurance products. GENERAL CONTRACTING LLC. Arts. of KRISS & FEUERSTEIN LLP Attorney(s) for Plaintiff 360 1104536 w.o. Lexington Avenue, Suite 1200, New York, NY 10017 Org. filed with Secy. of State of NY Head of Credit Derivatives (CD) (SSNY) on 10/08/08. Office location: New Group, NY, NY. Resp for highest level Coming Up Notice of Qualification of APOLLO STRATE- York County. Principal office of LLC: c/o mgmt of fin’l activities of employer’s on the Calendar Notice of Qualification of CPS 1 Realty Debt GIC MANAGEMENT GP, LLC. Authority filed Corporation Service Co., 80 State St., CD Group, incl leading team of LLC, App. for Auth. filed Sec’y of State with Secy. of State of NY (SSNY) on Albany, NY 12207. SSNY designated as Fundamental/Quant Analysts, oversee- (SSNY) 9/19/08. Office location: NY County. 11/4/08. Office location: New York County. agent of LLC upon whom process against December 1st ing & implementing invstmt portfolio LLC org. in DE 9/15/08. SSNY designated LLC formed in Delaware (DE) on 10/21/08. it may be served. SSNY shall mail process in Convertible Bonds Arbitrage, Small Business Guide as agent of LLC upon whom process Principal office of LLC: 9 W. 57th St., 41st to the LLC at the address of its principal against it may be served. SSNY shall mail office. Purpose: Any lawful activity. Capital Structure Arbitrage, CDO Fl., NY, NY 10019. SSNY designated as December 8th copy of process to c/o Nat. Reg. Agents, agent of LLC upon whom process against Arbitrage & Credit Option Arbitrage. 875 Ave of the Americas, NY, NY 10001, MBA or foreign equiv, w/conc in Fin Small Business Guide it may be served. SSNY shall mail process Notice of Qualification of Siemens the Reg. Agt. upon whom proc. may be to the LLC, Attn: John J. Suydam at the Electronics Assembly Systems, LLC. or Econ reqd w/3 yrs lead exp in trading served. DE office addr.: 160 Greentree Dr., principal office of the LLC. DE address of Authority filed with NY Dept. of State on & risk managing Credit cash & deriv December 15th Ste. 101, Dover, DE 19904. Cert. of Form. LLC: c/o Corporation Service Co., 2711 9/30/08. Office location: NY County. products incl credit structured prod- Corporate Philanthropy on file: SSDE, Townsend Bldg., Dover, DE Centerville Rd., Ste. 400, Wilmington, Principal business addr.: 170 Wood Ave. ucts & Equity/Equity Deriv products; 19901. Purpose: any lawful activities. New Castle Cnty., DE 19808. Arts. of Org. So., Iselin, NJ 08830. LLC formed in DE exp must demonstrate strong knowl of filed with Secy. of State of DE, Dept. of on 7/30/08. NY Sec. of State designated Credit & Equity deriv modeling. Mail Call John Gallagher NOTICE OF FORMATION of New York State, Div. of Corporations, John G. as agent of LLC upon whom process CV to OZ Management LP, Attn: D. @ 212-210-0189 Green Roofs LLC. Arts. Of Org. filed with Townsend Bldg., Dover, DE 19901. against it may be served and shall mail Litvinsky, ref job code “cnyaa,” 9 West to place your classified ad today Secy. Of State of N.Y. (SSNY) on 3/17/08. Purpose: Any lawful activity. process to: CT Corporation System, 111 57th Street, 39th Fl., NY, NY 10019. Office location: New York 8th Ave., NY, NY 10011, regd. agt. upon County. SSNY designated as agent of LLC Notice of Qualification of Manikay Onshore whom process may be served. DE addr. of upon whom process against it may be Fund, LP, App. for Auth. filed Sec’y of State LLC: 1209 Orange St., Wilmington, DE served. SSNY shall mail process to: 442D (SSNY) 7/22/08. Office location: NY County. 19801. Arts. of Org. filed with DE Sec. of Lorimer Street, #157, Brooklyn, NY LP org. in DE 7/18/08. SSNY designated as State, 401 Federal St., Dover, DE 19901. REAL ESTATE 11206. Principal business location: 72 agent of LP upon whom process against it Purpose: any lawful activity. Bedford Street, Suite 6A, NY, NY 10014. may be served. SSNY shall mail copy of Purpose: Any lawful activity. process to 375 Park Ave., Ste. 2701, NY, NY Notice of formation of a Limited Liability OFFICE SPACE 1119760 w.o 10152. DE office addr.: c/o CSC, 2711 Company: IMMO JCG LLC, Articles of Centerville Rd., Wilmington, DE 19808. Cert. organization filed with the Secretary of of LP on file: SSDE, Townsend Bldg., Dover, State of New York (SSNY) on 10/01/08. Notice of Formation of EDITIONS FAW- DE 19901. Name/addr. of each gen. ptr. Office location: New York County. SSNY SPACE AVAILABLE – CHELSEA PIERS BUSH LLC. Arts. of Org. filed with Secy. avail. at SSNY. Purpose: any lawful activities. has been designated as agent of the LLC of State of NY (SSNY) on 09/25/08. Office upon whom process against it may be location: New York County. Principal office Notice of Formation of 902 LIBERTY served. SSNY shall mail a copy of process of LLC: 448 West 19th St., #2G, NY, NY AVENUE, L.P. Certificate filed with Secy. of to: 60 Broad str - ste 3502, New York, NY 10011. SSNY designated as agent of LLC State of NY (SSNY) on July 8, 2008. Office 10004. Purpose: Real Estate. upon whom process against it may be location: New York County. SSNY desig- served. SSNY shall mail process to Peter nated as agent of LP upon whom process Notice of Qualification of 1556-1560 R. Stern, Esq., c/o Mclaughlin & Stern, against it may be served. SSNY shall mail Flatbush Ave. LLC, App. for Auth. filed LLP, 260 Madison Ave., NY, NY 10016. process to: c/o Bowery Resident’s Sec’y of State (SSNY) 8/25/08. Office loca- Purpose: Any lawful activity. Committee, 324 Lafayette St., New York, 8,000 SF tion: NY County. LLC org. in DE 3/13/97. NY 10012. Name/address of each genl. ptr. SSNY designated as agent of LLC upon available from SSNY. Term: until December Incredible, loft-style space overlooking Hudson River. Private Entrance. Notice of Qualification of Paramount Labor whom process against it may be served. 31, 2058. Purpose: any lawful activity. New Construction • 13’ Ceilings • On-site Parking, Health Club, Golf and more Leasing Eastern, L.L.C. Authority filed with SSNY shall mail copy of process to 1556 IMMEDIATE OCCUPANCY • Call 212.336.6831 Secy. of State of NY (SSNY) on 9/25/08. Flatbush Ave., Brooklyn, NY 11210. DE Office location: NY County. LLC formed in Notice of Qualification of Microcal, LLC. office addr.: 160 Greentree Dr., Ste. 101, Ohio (OH) on 8/4/08. SSNY designated as Authority filed with Secy. of State of NY Dover, DE 19904. Cert. of Form. on file: agent of LLC upon whom process against AUCTION (SSNY) on 10/2/08. Office location: NY SSDE, Townsend Bldg., Dover, DE 19901. it may be served. SSNY shall mail process County. LLC formed in Delaware (DE) on Purpose: any lawful activities. to: c/o CT Corporation System, 111 8th 11/15/99. SSNY designated as agent of Ave., NY, NY 10011, registered agent upon PUBLIC & LEGAL LLC upon whom process against it may be Notice of Formation of Dawson Sachs whom process may be served. OH served. SSNY shall mail process to: The address/principal bus. loc. of LLC: 600 Development LLC. Arts. of Org. filed with NOTICES LLC, 22 Industrial Dr. East, Northampton, Secy. of State of N.Y. (SSNY) on 6/19/08. Gillam Rd., Wilmington, OH 45177. Cert. MA 01060, also address of the principal of Org. filed with OH Secy. of State, 30 Office location: NY County. SSNY desig- office. Address to be maintained in DE: c/o nated as agent of LLC upon whom REQUEST FOR PROPOSALS East Broad St., 14th Fl., Columbus, OH The Corporation Trust Company, 1209 43266. Purpose: all lawful purposes. process against it may be served. SSNY Orange St., Wilmington, DE 19801. Arts. shall mail process to: The LLC, 111 Great Economic Development/Retail Study of Org. filed with DE Secy. Of State, 401 Consultant Services Neck Road, Great Neck, NY 11021. Notice of Qualification of Pequot Co- Federal St., Ste 4., Dover, DE 19901 . Purpose: any lawful activity. Seeking consultant services to Purpose: any lawful activities. provide a retail study of East New Investors, L.P. Authority filed with Secy. of TELEPHONE EQUIPMENT York, Brooklyn (deadline 12/08/08). State of N.Y. (SSNY) on 10/20/08. Office Copy of RFP can be downloaded location: NY County. LP formed in Notice of Qualification of 125 URBAN JV WILL BUY ALL at www.ldceny.org or contacting Delaware (DE) on 10/9/08. SSNY desig- PARTNERS LLC. Authority filed with Secy. OFFICE TELEPHONE EQUIPMENT the LDC at 718-385-6700 ext. 16 nated as agent of LP upon whom process of State of N.Y. (SSNY) on 2/19/08. Office Please Call: 212-Richard. against it may be served. SSNY shall mail location: NY County. LLC formed in Advertise on Please Call: 212-742-4273 process to: c/o CT Corporation System, Delaware (DE) on 11/30/06. SSNY desig- NOTICE OF FORMATION of De’Lux Food 111 8th Ave., NY, NY 10011, registered nated as agent of LLC upon whom process www.crainsnewyork.com Production LLC. Arts. Of Org. filed with agent upon whom process may be against it may be served. SSNY shall mail Secy. Of State of N.Y. (SSNY) on 8/05/08. served. DE address of LP: c/o The process to: c/o Thor Equities, LLC, 25 W. Office location: New York County. SSNY Corporation Trust Co., 1209 Orange St., 39th St., NY, NY 10018. DE address of Call John Gallagher VISIT OUR WEBSITE designated as agent of LLC upon whom Wilmington, DE 19801. Name/address of LLC: c/o National Registered Agents, Inc., process against it may be served. SSNY each genl. ptr. available from SSNY. Cert. 160 Greentree Drive, Ste. 101, Dover, DE @ 212-210-0189 shall mail process to principal business of LP filed with DE Secy. of State, 19904. Arts. of Org. filed with DE Secy. of www.crainsnewyork.com location: 244 Fifth Avenue, Suite S209, NY, Townsend Bldg., Dover, DE 19901. State, 401 Federal St., Ste. 4, Dover, DE NY 10001. Purpose: Any lawful activity. Purpose: any lawful activity. 19901. Purpose: any lawful activity.

28 | Crain’s New York Business | November 24, 2008 nb47p28-29cls.qxp 11/21/08 12:23 PM Page 29

PUBLIC & LEGAL NOTICES

DWIGHT LANE CAPITAL LLC, a domestic Notice of Qualification of Visium Equity Notice of formation of SIMPLY SPOTLESS, Notice of Formation of Jennifer Clifford Notice of Formation of E-Brokerage LLC. Limited Liability Company (LLC) filed with Global Fund, LP, App. for Auth. filed Sec’y LLC. Arts. of Org. filed with the Secy of Danner LLC, Art. of Org. filed Sec’y of Arts of Org. filed with Secy. Of State of NY the Sec of State of NY on 7-21-08. NY of State (SSNY) 9/8/08. Office location: NY State of NY (SSNY)on 6/18/08. Office State (SSNY) 10/14/08. Office location: (SSNY) on 11/30/01 Office Location: New Office location: New York County. SSNY County. LP org. in DE 9/3/08. SSNY desig- location: Bronx County. SSNY designat- NY County. SSNY designated as agent of York County. SSNY designated as agent of is designated as agent upon whom nated as agent of LP upon whom process ed as agent upon whom process LLC upon whom process against it may LLC upon whom process against it may process against the LLC may be served. against it may be served. SSNY shall mail against it may be served. SSNY shall be served. SSNY shall mail copy of be served. SSNY shall mail process to SSNY shall mail a copy of any process copy of process to Attn: Dr. Jacob Gottlieb, mail process to: c/o Sunita Jadusingh, process to 94 Mercer St., Apt. 4D, NY, NY principal business location: 29 Broadway, against the LLC served upon him/her to 950 Third Ave., 30th Fl., NY, NY 10022. DE 801 Tilden Street, #3J, Bronx, NY 10012. Purpose: any lawful activities. Suite 1510, NY, NY 10006. Purpose: Any The LLC, C/O Blue Shirts Realty, LLC, 183 office addr.: c/o CSC, 2711 Centerville Rd., 10467. Purpose: all lawful activities. lawful business activity. Madison Ave., Ste. 505, NY, NY 10016. Wilmington, DE 19808. Cert. of LP on file: General purposes. SSDE, Townsend Bldg., Dover, DE 19901. Notice of Formation of JRM TUTORING, Notice of Formation of JARE LLC, a domestic LLC. Arts. of Org. filed Notice of Formation of CROWN FIFTH Name/addr. of each gen. ptr. avail. at SSNY. Manufacturing Solutions, LLC. Arts. of Purpose: any lawful activities. with the SSNY on 10/08/08. Office loca- RETAIL LLC. Arts. of Org. filed with Secy. NOTICE OF FORMATION OF LIMITED Org. filed with Secy. of State of NY tion: NY County. SSNY has been designat- of State of N.Y. (SSNY) on 3/14/08. Office PARTNERSHIP. NAME: MID-HARLEM (SSNY) on 11/05/08. Office location: New ed as agent upon whom process against location: NY County. SSNY designated as APARTMENTS,L.P.. Certificate of Limited Notice is hereby given a License Number York County. SSNY designated as agent the LLC may be served. SSNY shall mail a agent of LLC upon whom process against it Partnership was filed with the Secretary of (PENDING) for on-premises Liquor has of LLC upon whom process against it copy of process to: 33 West 88th St., NY, may be served. SSNY shall mail process to: State of New York (SSNY) on 10/02/08. been applied for by the undersigned to may be served. SSNY shall mail process NY 10024. Purpose: Any Lawful Purpose. c/o Crown Acquisitions, 362 Fifth Avenue, The latest date of dissolution is sell liquor at retail in a Restaurant Under to c/o Kelley Drye & Warren LLP, Attn: NY, NY 10001. Purpose: any lawful activity. 12/31/2107. Office location: New York the alcoholic Beverage Control Law at 161 Eric Post, 101 Park Ave., 29th Fl., NY, NY Notice of Formation of Two Rivers County. SSNY has been designated as Chrystie Street, New York, NY 10002 for 10178. Purpose: Any lawful activity. Associates, LLC, Art. of Org. filed Sec’y of agent of the LP upon whom process on premises consumption. DIXON PLACE Notice is hereby given that a license, State (SSNY) 10/21/08. Office location: against it may be served. SSNY shall mail LLC d/b/a Dixon Place Notice of Formation of Global Care LLC. Number 1206000 for Restaurant Wine has NY County. SSNY designated as agent of a copy of process to the LP, c/o Global Arts of Org filed with the Sec of State of NY been applied for by Tai Yo, Inc. to sell LLC upon whom process against it may Partners LLC, 155 West 121st Street, New (SSNY) on 08/06/08. Office Location: NY Restaurant Wine at retail in a restaurant be served. SSNY shall mail copy of York, New York 10027. Notice of Qualification of Focus Products County. SSNY designated as agent of upon under the Alcoholic Beverage Control Law process to 1375 Broadway, 3rd Fl., NY, Group, LLC. Authority filed with Secy. of whom process against LLC may be served. at 1395/97 2nd Avenue, New York, New State of NY (SSNY) on 9/18/08. Office NY 10018. Purpose: any lawful activities. FSC BARBERSHOP LLC, a domestic SSNY shall mail process to: Joseph F. Lisa, York 10021 for on-premises consumption. location: NY County. LLC formed in Limited Liability Company (LLC) filed with 230 Park Avenue, NY, NY 10169-0005. Illinois (IL) on 7/26/01. SSNY designated the Sec of State of NY on 12-10-07. NY Purpose: Any lawful purpose. Notice of Formation of The Film Cube LLC. as agent of LLC upon whom process Notice of Formation of ARTICLE ONE Office location: New York County. SSNY Arts. of Org. filed with Secy. of State of NY against it may be served. SSNY shall mail PARTNERS, LLC. Arts. of Org. filed with is designated as agent upon whom (SSNY) on 8/20/08. Office location: NY process to: c/o National Registered NOTICE OF FORMATION of Helios Secy. of State of NY (SSNY) on 10/14/08. process against the LLC may be served. County. SSNY designated as agent of LLC Agents, Inc., 875 Avenue of the Americas, Ventures LLC. Arts. Of Org. filed with Office location: New York County. SSNY SSNY shall mail a copy of any process upon whom process against it may be served. Ste. 501, NY, NY 10001. Principal office: Secy. Of State of NY (SSNY) on 05/29/08. designated as agent of LLC upon whom against the LLC served upon him/her to SSNY shall mail process to: Christopher 35 Peppermint Rd., NY 11725. Address to Office location: New York County. SSNY process against it may be served. SSNY Coopersmith & Coopersmith, Attn: Richard Sewall, 5619 Oak Place, Bethesda, MD be maintained in IL: 120 Lakeview designated as agent of LLC upon whom shall mail process to Golenbock Eiseman D. Coopersmith, Esq., 233 Broadway, 20817. Purpose: any lawful activity. Parkway, Vernon Hills, IL 60061. Arts. of process against it may be served. SSNY Assor Bell & Peskoe, LLP, Attn: Richard S. 18th Fl., NY, NY 10279. General purposes. Org. filed with IL Secy. Of State, 501 S. shall mail process to principal business Kaplan, Esq., 437 Madison Ave., 40th Fl., Second St., Rm. 351, Springfield, IL location: 49 W 74th St. #3B NY, NY NOTICE OF FORMATION OF DANZ EMER- NY, NY 10022. Purpose: Any lawful activity. Notice of Formation of NEMO16, LLC. 62756. Purpose: any lawful activities. 10023. Purpose: Any lawful activity. GENCEE. DanzEmergencee. Arts of Org Arts. of Org. filed with Secy. of State of filed with the SSNY on 4/21/2008. SSNY NY (SSNY) on 02/02/06. Office location: TREND POT NY, LLC, a domestic Limited NOTICE OF FORMATION OF LIMITED Notice of Formation of ALLIANCE PORT- designated as an agent of LLC upon New York County. Principal office of LLC: Liability Company (LLC) filed with the Sec LIABILITY COMPANY. NAME: PAPALOO FOLIO FUND II, LLC. Arts. of Org. filed whom process against the LLC may be 39 W. 38th St., #6W, NY, NY 10018. The of State of NY on 6-12-08. NY Office loca- WEST LLC. Articles of Organization were with Secy. of State of NY (SSNY) on served. SSNY shall mail a copy of process latest date on which the LLC may dissolve tion: New York County. SSNY is designated filed with the Secretary of State of New 11/10/08. Office location: New York to PO Box 45. New York, NY 10101. is 12/31/2026. SSNY designated as agent as agent upon whom process against the York (SSNY) on 05/01/07. The name was County. Principal office of LLC: 1040 Ave. Purpose: any lawful purpose of LLC upon whom process against it may LLC may be served. SSNY shall mail a amended to EMPIRE SOBRO PARTNERS of the Americas, 24th Fl., NY, NY 10018. be served. SSNY shall mail process to SSNY designated as agent of LLC upon copy of any process against the LLC served LLC on 08/13/08. Office location: New Notice of Formation of NATROB, LLC. The LLC at the principal office of the LLC. whom process against it may be served. upon him/her to The LLC, 30 W. 26th St., York County. SSNY has been designated Arts. of Org. filed with Secy. of State of Purpose: Any lawful activity. SSNY shall mail process to Furnari Scher 10th Fl., NY, NY 10010. General Purposes. as agent of the LLC upon whom process NY (SSNY) on 10/2/08. Office location: LLP, 1 Broadway, Ste. 615, NY, NY 10004. against it may be served. SSNY shall mail New York County. SSNY designated as Purpose: Any lawful activity. Notice of Formation of Wolf Artists a copy of process to the LLC, 162 Ridge agent of LLC upon whom process against INDUS EQUITIES, LLC Articles of Org. International LLC, Art. of Org. filed Sec’y Drive East, Great Neck Estates, New York. it may be served. SSNY shall mail process filed NY Sec. of State (SSNY) 11/3/08. of State (SSNY) 9/25/08. Office location: Purpose: For any lawful purpose. Notice of Formation of 124 MACDOUGAL to the LLC, 65 W. 36th St., 9th Fl., NY, NY Office in NY Co. SSNY desig. agent of LLC NY County. SSNY designated as agent of STREET ASSOCIATES, LLC. Cert. of Conversion 10018. Purpose: Any lawful activity. upon whom process may be served. LLC upon whom process against it may filed with Secy. of State of NY (SSNY) on SSNY shall mail copy of process to c/o Notice of Formation of ETHOS DO BRAZIL 10/10/08, converting 124 MACDOUGAL be served. SSNY shall mail copy of Notice of Qualification of MEDIA PUSH Joshua Kammerman, Kammerman process to c/o Kaufman & Kahn LLP, 747 LLC. Arts. of Org. filed with Secy. of State STREET ASSOCIATES to 124 MACDOUGAL Associates, LLP, 253 5th Ave., 5th Fl., NY, of NY (SSNY) on 11/05/08. Office loca- STREET ASSOCIATES, LLC. Office location: ENTERTAINMENT LLC. Authority filed with Third Ave., 32nd Fl., NY, NY 10017. Secy. of State of NY (SSNY) on 10/31/08. NY 10016. Purpose: Any lawful purpose. Purpose: any lawful activities. tion: New York County. Principal office of New York County. Principal office of LLC: Latest dissolve date: 12/31/2028 LLC: c/o Enclave Rising, Attn: Kimberly c/o Shapiro, 136 E. 56th St., Unit 16C, NY, Office location: New York County. LLC Slicklein, 303 Fifth Ave., Ste. 1801, NY, NY 10022. SSNY designated as agent of formed in Delaware (DE) on 09/23/08. NOTICE OF FORMATION of Quogue Notice of Qualification of THE L CONSUL- NY 10016. SSNY designated as agent of LLC upon whom process against it may be Principal office of LLC: 550 Madison Ave., Consulting, LLC. Arts. Of Org. filed with TANCY GROUP LLC. Authority filed with LLC upon whom process against it may served. SSNY shall mail process to The LLC NY, NY 10022. SSNY designated as agent Secy. Of State of N.Y. (SSNY) on Secy. of State of NY (SSNY) on 10/10/08. be served. SSNY shall mail process to the at the principal office of the LLC. Purpose: of LLC upon whom process against it may 10/22/08. Office location: New York Office location: New York County. LLC LLC at the address of its principal office. Ownership of real estate. be served. SSNY shall mail process to c/o County. SSNY designated as agent of LLC formed in Delaware (DE) on 10/07/08. Purpose: Any lawful activity. Corporation Service Co., 80 State St., upon whom process against it may be Principal office of LLC: 437 Madison Ave., Albany, NY 12207-2543. DE address of served. SSNY shall mail process to: NY, NY 10022. SSNY designated as agent Notice of Formation of Newshong LLC. LLC: 2711 Centerville Rd., Wilmington, DE Corporation Service Company, 80 State of LLC upon whom process against it may Notice of Formation of Sale Proceeds Arts. of Org. filed with Secy. of State of NY 19808. Arts. of Org. filed with Secy. of Street, Albany, NY 12207. Principal busi- be served. SSNY shall mail process to c/o LLC, Art. of Org. filed Sec’y of State (SSNY) on 9/30/08. Office location: NY State of DE, John G. Townsend Bldg., 401 ness location: 400 E. 89th St., NY, NY Corporation Service Co., 80 State St., (SSNY) 8/12/08. Office location: NY County. SSNY designated as agent of LLC Federal St., Dover, DE 19901. Purpose: 10128. Purpose: Any lawful activity. Albany, NY 12207-2543. DE address of County. SSNY designated as agent of upon whom process against it may be Any lawful activity. LLC: 2711 Centerville Rd., Ste. 400, LLC upon whom process against it may served. SSNY shall mail process to: c/o Wilmington, DE 19808. Arts. of Org. filed be served. SSNY shall mail copy of Van-Hang Nguyen MD, 14 E. 96th St., Apt. 9, with DE. Secy. of State, John G. Townsend process to c/o Nat. Reg. Agents, 875 NY, NY 10128. Purpose: any lawful activity. Bldg., 401 Federal St., Ste. 4, Dover, DE, Ave of the Americas, NY, NY 10001, the 19901. Purpose: Any lawful activity. Reg. Agt. upon whom proc. may be served. Purpose: any lawful activities. Notice of Qualification of STONE LION CAPITAL PARTNERS L.P. Authority filed Notice of Qualification of DRAGON BUS, with Secy. of State of NY (SSNY) on LLC. Authority filed with Secy. of State of Notice of Qualification of Core Fixed 11/14/08. Office location: New York NY (SSNY) on 10/22/08. Office location: Income Fund LLC. Authority filed with NY County. LP formed in Delaware (DE) on New York County. LLC formed in Dept. of State on 10/22/08. Office loca- 08/11/08. Principal office of LP: 461 Fifth Delaware (DE) on 10/03/08. Principal tion: NY County. Principal business addr.: Ave., 14th Fl., NY, NY 10017. SSNY desig- office of LLC: 160 S. Rt. 17 N, Paramus, 225 Liberty St., 7th Fl., NY, NY 10281. nated as agent of LP upon whom process NJ 07652. SSNY designated as agent of LLC formed in DE on 9/12/07. NY Sec. of against it may be served. SSNY shall mail LLC upon whom process against it may State designated as agent of LLC upon process to the LP at the address of its be served. SSNY shall mail process to c/o whom process against it may be served principal office. Name and address of Corporation Service Co., 80 State St., and shall mail process to: CT Corporation each general partner are available from Albany, NY 12207-2543. DE address of System, 111 8th Ave., NY, NY 10011, SSNY. DE address of LP: c/o Corporation LLC: 2711 Centerville Rd., Ste. 400, regd. agt. upon whom process may be Service Co., 2711 Centerville Rd., Ste. Wilmington, DE 19808. Arts. of Org. filed served. DE addr. of LLC: c/o The 400, Wilmington, DE 19808. Arts. of Org. with DE Secy. of State, Div. of Corporation Trust Co., 1209 Orange St., filed with Secy. of State of DE, Dept. of Corporations, John G. Townsend Bldg., Wilmington, DE 19801. Arts. of Org. filed State, Div. of Corporations, John 401 Federal St., Ste. 4, Dover, DE 19901. with DE Sec. of State, PO Box 898, Dover, Townsend Bldg., Dover, DE 19901. Purpose: Any lawful activity. DE 19903. Purpose: any lawful activity. Purpose: Any lawful activity.

November 24, 2008 | Crain’s New York Business | 29 CNYB 11-24-08 A 30 11/20/2008 5:50 PM Page 1

REAL ESTATE DEALS

“The center is close to all the Falling Times Sq. rents draw law firm highways, bridges and tunnels in the area,” says Mr. Unger. “The newly leased space is on the ground floor was no asking rent on the deal be- 100,000-square-foot lease at 5 andhas18-foot ceilings,so it provides Pryor Cashman finds cause the space wasn’t officially on Times Square. great stacking room for the tenant.” perfect fit; 100,000- the market, but asking rents in the —theresa agovino FRA, which is relocating from building are between $85 and $90 a Greenpoint, Brooklyn, is expected square-foot space square foot. to take occupancy by Jan. 1. needs no work Ronald Shechtman, managing Chile snags —damian ghigliotty partner at Pryor Cashman, says the SoHo corner here are some bright weakening real estate market helped spots to the darkening push the deal along because the firm new yorkers will soon be able get Kidswear joins commercial real estate wouldn’t have paid the roughly $100 their daily dose of Chile right here West 33rd gang market. In the latest bit per square foot the building had in the Big Apple. Pure Chile, a new of good news, law firm been asking a few months ago. promotional company for the coun- kidswear manufacturer C.K. TPryor Cashman signed a 15-year He adds that the space was also try of Chile, recently signed a 10- Enterprises recently signed a five- lease for 100,000 square feet at 7 very attractive because it was previ- year lease for 3,000 square feet at 161 year lease for 1,250 square feet at 34 Times Square. ously occupied by another law firm, Grand St., at Centre Street. The ask- W. 33rd St., an apparel showroom It comes on the heels of NBC so it needs virtually no work. ing rent for the corner location was building between Fifth Avenue and Universal signing a 100,000- “It suits our needs to a T,”he says. $100 a square foot. Broadway. The asking rent for the square-foot lease at 75 Rockefeller The new space is also about 10,000 “The days of banks taking cor- 161 GRAND ST. will house Pure Chile. third-floor space was $42 a square Plaza and law firm Fitzpatrick Cel- feet larger than the law firm’s current ners such as this one,as we know,are foot. la Harper & Scinto inking a home, offering room for growth. definitely over,” says Neal Ohm, a The company, whose brands sell 126,000-square- Lewis Miller and broker with CitySites Commercial Properties represented Pure Chile. at specialty retail boutiques such as foot lease at 1290 Mark Ravesloot, Group, who represented landlord —adrianne pasquarelli Granny-Made and Lester’s, will Sixth Ave. brokers at CB E&G Realty.“[Pure Chile] is taking join children’s apparel manufactur- Pryor Cashman Richard Ellis Inc., advantage of a huge upswing in the ers such as Flowers by Zoe and plans to move from negotiated for Pryor neighborhood.” The company, Furniture firm Charlie Rocket. its home of 37 years Cashman. Landlord which should open in six months, fills out warehouse “It’s better to be in a location at 410 Park Ave. Boston Properties will join retailers such as Jil Sander where there are other childrenswear sometime in the was represented by and Phillip Lim, who have recently the maspeth industrial Center, showrooms, so you can feed off each middle of next year. CBRE brokers Peter leased space nearby. a 600,000-square-foot manufactur- other when it comes to business,”said It will take over the Turchin and John Pure Chile will sell gourmet ing and warehouse facility in Lisa Lombardi, head of C.K. Enter- entire 39th,40th and Powers. Chilean products and distribute Queens, recently inked a deal with a prises’ New York showroom. The 41st floors, as well as This is the third tourism pamphlets, and will also new tenant. Furniture Rental Asso- company, which is headquartered in about 40% of the very large deal maintain a wine store in the back of ciates signed a 10-year lease for Richmond, Calif., is moving from third floor of the CBRE has brokered the shop. 42,500 square feet at 60-20 59th Ave., 131 W. 33rd St., a building being building which is lo- in recent weeks. It “We’re trying to be a gallery to bringing the building to full capaci- converted into office condominiums. cated between represented Viacom showcase Chile,” says Mauricio ty.The asking rent was $10 a square David Levy and Brett Maslin of Broadway and Sev- in its 1.3 million- Banchieri, Pure Chile’s chief execu- foot. Adams & Co. represented both the enth Avenue and square-foot renewal tive. “We would like this to be our Jeffrey Unger of Kalmon Dolgin tenant and the landlord in the West 42nd and West VERDICT IN: Pryor Cashman is at 1515 Broadway footprint in the U.S.” Affiliates represented both parties transaction. 41st streets. There moving into 7 Times Square. and Comcast in its Daniel Breiman of Olmstead in the deal,which closed last month. —adrianne pasquarelli

30 | Crain’s New York Business | November 24, 2008 CNYB 11-24-08 A 31 11/20/2008 9:17 PM Page 1

BUSINESS CORPORATE LADDER 2 old colleagues take over at the Gramercy Page 33 buck ennis

GOTHAM GIGS holiday meal prepared by a Close shave CROSSROADS: Chef restaurant can Maneet Chauhan of save hours of king of shaves’ master At Vermilion offers menu items that labor and a barber and marketing blend Indian and executive DIANE WOOD, 27, Latin flavors. mountain of says her business is all about stress. It can also excellent customer service and become a a great haircut. Aculinary adventure if one IN THE FAMILY At age 12, the seeks a break from New Jersey native began spending weekends at her tradition. Immigrant father’s Manhattan communities have always barbershop, Paul Molé. Now, refracted holiday dining armed with both a master through their cultural barber license and a lenses.The festivities are a communications degree, she’s following in her father’s great opportunity to footsteps. celebrate New York’s WOMAN’S TOUCH After a year diversity by taking in London working in public advantage of this city’s relations, Ms. Wood returned world-class ethnic to New York. She’s been at restaurants. King of Shaves, which offers $32 haircuts and $35 shaves, Thanksgiving especially for a year. She’s found that offers many opportunities male clients enjoy learning for variations on the shaving techniques from her. classics—from Peking STRONG BASE Ms. Wood was turkey at Chinatown recently featured on the Late Brasserie, to Bombay Show with David Letterman, Talkie’s curried yams with where she shaved the beard the host had grown during the coconut milk, to Havana writers’ strike. She’s Central’s pumpkin flan. enthusiastic about King of Those who crave a more Shaves. “We’re a younger, radical break can eschew edgier brand,” she says. turkey altogether and take —sarah studley home a slow-cooked pork shoulder from Momofuku EXPERT OPINIONS Ssäm Bar. A DAY AT THE PARADE Christmas dining options abound, too, as the the best place to watch the parade is on the Upper West city’s restaurants become Side.The buildings are lower, oases for those looking to and the energy is higher.Times join with or escape from Square and 34th Street are also family in a tension-free popular venues. We have three environment. It’s a chance new balloons this year: Buzz Lightyear, Horton and a to sample At Vermilion’s Smurf. We also mango-cumin-glazed ham have a balloon or Zenkichi’s Japanese- buck ennis dedicated to style roast beef. Most Keith Haring as part of our fine Chinatown restaurants are arts series.The open on Christmas (as well parade will be as Thanksgiving). especially The following eight meaningful this Alternative feasts ethnic restaurants, ranging year, because it pulls people together. We’ve been making from Cambodian to people happy for 82 years, and New York’s global culinary scene Indian-Latin to Lebanese, the economic downturn won’t put an international riff on crimp our style. holiday dining, either —robin hall offers myriad twists on holiday meals Executive producer Thanksgiving, Christmas Macy’s Thanksgiving Day or both. Parade By Steven A. Shaw Continued on Page 32

November 24, 2008 | Crain’s New York Business | 31 CNYB 11-24-08 A 32 11/20/2008 9:19 PM Page 1

BUSINESS LIVES

Another Chicagoan surprises are turkey breast rubbed with garlic, ginger, cumin, “marinade”); chorizo-apple cornbread stuffing; and coriander and chili; green beans with grated coconut; and cinnamon-candied yams. takes world stage curried yams with coconut milk.The menu is available AT VERMILION through Dec. 24. 480 Lexington Ave. Eating to Cambodia (at East 46th Street) Looks good, tastes good KAMPUCHEA (212) 871-6600 78 Rivington St. (at corner of Allen Street) www.thevermilionrestaurant.com CHINATOWN BRASSERIE (212) 529-3901 www.kampucheanyc.com his season you can be among the first to try a 380 Lafayette St. (between East Fourth and Great Jones streets) (212) 533-7000 holiday—or any—meal at the brand-new At Vermilion. www.chinatownbrasserie.com t kampuchea (the Khmer word for “Cambodia”), co- T In addition to having a name that starts with a executive chefs and owners Ratha Chau and Scott preposition, At Vermilion is unusual in that its cuisine is hinatown brasserie is a high-concept contemporary ABurnett give traditional Cambodian cooking a modern Indian-Latin fusion. vision of the kitschy Cantonese and Polynesian dining idiom. Those enamored of Vietnamese food will be Chicago Restaurateur Rohini Dey, a former development Cpalaces of yesteryear (think Trader Vic’s, formerly attracted to Kampuchea, as the two cuisines have many economist for the World Bank and management consultant housed in the Plaza Hotel). The $6 million interior features similarities. And diners with McKinsey & Co., saw culinary commonalities between Chinese landscape sculptures whose experience of South- these seemingly disparate regions. For example, they share and a koi pond. Despite its the- east Asia is confined to the ingredients like coconut, tamarind, guava and plantain, as atrical bent, Chinatown local takeout joint will find well as an emphasis on pronounced spices. At Vermilion, Brasserie has some of the best this kitchen much more which has had its Windy City location for five years, dim sum in town. creative. debuted in New York on Nov. 17. Chef Joe Ng is perhaps New The $35 three-course For Thanksgiving, chef Maneet Chauhan (all of At York’s most accomplished dim Thanksgiving menu offers Vermilion’s principals are women) is offering spicy and sum virtuoso, and Chinatown choices such as spicy pulled herbaceous twists on Thanksgiving favorites. How about Brasserie’s Thanksgiving Day turkey breast served over black cardamom-smoked turkey breast and pumpkin pie menu offers several holiday bicolor shredded cabbage peppers,Thai chilies and fried horchata (a sweet beverage thickened with rice) with white specials in addition to the regular shallots; and roast turkey breast with bacon and garlic-fried chocolate Goan pudding? The five-course meal is $60 a menu. Offerings include sautéed rice, chili gravy, and cream of coconut spinach. Favorites person and available for takeout at $50 a person. turkey and chives on prawn from the regular menu, like crispy pork belly with apple Groups of 20 can reserve a whole turkey custom-spiced crackers, as well as sesame turkey cider glaze, scallions, lemongrass and honey, can be ordered with mango-cumin, Madras curry or tandoori rub. At buns (both $8).The kitchen is also preparing “Peking à la carte as well. Vermilion is also serving a $60 five-course feast on turkey” at $48 for the whole bird, served with Mandarin Christmas Eve and Christmas Day that will feature mango- pancakes or white buns, cucumbers, scallions, Chinese cumin-glazed ham and ginger fruitcake drizzled with pickles, and hoisin and cranberry sauces. Chinatown Where the pig is king eggnog crème anglaise. Brasserie will serve a similar menu on Christmas Day. MOMOFUKU SSÄM BAR 207 Second Ave. (at East 13th Street) (212) 228-0031 Magic carpet ride of delicacies Motorcycle not www.momofuku.com AL DIWAN included ork is revered at chef- 210 Avenue A (between East 13th and East 14th streets) owner David Chang’s (212) 375-1300 PRANNA 79 Madison Ave. Pphenomenally successful www.aldiwanny.com (at East 28th Street) Momofuku restaurants wner jamal kawwa and chef Tony Aouriy opened Al (212) 696-5700 (Ssäm Bar, Noodle Bar, Ko). Diwan in May and are passionate about elevating www.prannarestaurant.com For Thanksgiving, Ssäm Bar OMiddle Eastern food in New York. The dining room is is offering a take-out-only festooned with Mediterranean furniture, lamps and he recent Manhattan launch of Long Island restaura- meal that dispenses with window treatments, and the restaurant features belly teurs Rajiv and Payal Sharma, Pranna offers cuisine turkey. dancers Wednesday through T that reflects Southeast and Southern Asia. The menu The feast for eight costs Sunday evenings, as well as a was inspired by chef Chai Trivedi’s recent motorcycle trip $285 and comprises a six-to- hookah in the lounge. through Thailand, Laos, Cambodia, Vietnam and India (on eight pound bo ssäm (pork On this national holiday, Al a Honda Nighthawk 750). Jehangir Mehta, formerly of shoulder) with lettuce wraps, Diwan is stuffing its turkey Graffiti and Jean Georges, has joined the team as pastry spicy kimchee, steamed rice, sauces, apple stuffing, Brussels with rice, nuts, raisins, ground chef. sprouts, sweet potato purée, Kewpie coleslaw, and a cashew- beef and Mideastern spices. The Thanksgiving menu, $65 a person, provides such blondie pie.The same repast, minus the Thanksgiving Sides include fattoush Asian-inflected dishes as pumpkin soup with mushroom twists, is available year-round by advance order only. Ssäm (cucumber, tomato and mint wonton; roasted fennel salad with endive, mizuna and chili- Bar is also plans to serve a special Christmas menu, which salad with crisp pita croutons), hummus and baba ghanoush; lemongrass dressing; and roast turkey glazed with hasn’t been released yet. dessert is baklava.The price is $35 a person, and takeout is Mandarin orange, sweet soy and apricot. The restaurant is available for two people for $60.The wine list offers many serving its regular menu Christmas Eve and is closed fine Lebanese and Moroccan wines as well as arak (a Christmas Day. Exotic elements, combined subtly licorice-flavored spirit similar to Greek ouzo) and Moroccan tea. ZENKICHI Al Diwan will be serving its regular Lebanese menu on 77 North Sixth St., Brooklyn Revolutionary appeal (718) 388-8985 Christmas. HAVANA CENTRAL www.zenkichi.com 22 E. 17th St. (between Broadway and Fifth Avenue) he husband- and- (212) 414-4999 Street food with star power 151 W. 46th St. (between Sixth and Seventh avenues) wife team Shaul T Margulies (who is BOMBAY TALKIE (212) 398-7440 2911 Broadway (between West 113th and West 114th streets) Israeli) and Motoko 189 Ninth Ave. (between West 21st and West 22nd streets) Watanabe (who is Japan- (212) 242-1900 (212) 662-8830 www.bombaytalkie.com www.havanacentral.com ese) have fashioned their Williamsburg restaurant ost indian restaurants in North America serve a avana central is Je- along the lines of a Moghul-influenced North Indian menu. Bombay remy Merrin’s tribute Japanese izakaya (similar MTalkie’s owner, Hto his high school in- to a tapas bar). Ms. Sunitha Ramaiah, fatuation with Cuban food Watanabe returns to takes a different ap- and culture, triggered by a Japan several times a year proach, emphasizing Cuban love interest. With and brings back ingredi- dishes inspired by three cavernous loca- ents and inspiration. snack carts and road- tions—uptown, midtown Zenkichi will be open Christmas Day, serving the new side teahouses and downtown—the winter omakase (chef ’s choice) tasting menu at $48 a person, throughout the coun- restaurants attempt to re- supplemented with such treats as Japanese-style roast beef; try’s many regions, particularly the South. The Chelsea capture the high style of Old Havana. tempura of shirako in shungiku (cod milt in chrysanthemum restaurant counts President-elect Barack Obama and Top In addition to the entire regular menu, chef Stanley leaf ); house-made tofu topped with sea urchin from Chef co-host Padma Lakshmi among recent customers. Licairac is preparing a Thanksgiving menu for $34 a Aomori, Japan; and homemade chocolate truffles flavored Bombay Talkie’s South Indian Thanksgiving menu, at person. Unusual dishes include pumpkin con pollo soup; with Yamazaki ( Japanese single-malt whiskey). $50, covers a cocktail, dinner, coffee and dessert. Some roast turkey breast with cranberry-orange mojo (Cuban for The tasting menu changes every five weeks.

32 | Crain’s New York Business | November 24, 2008 CNYB 11-24-08 A 33 11/20/2008 9:20 PM Page 1

BUSINESS LIVES CORPORATE LADDER Mark Tamis, Scott Lundahl Hoteliers with history Ian Schrager hires “I wanted people who could help me realize this dream I have for do- PERSONNEL FILE former Four Seasons ing the next generation of luxury hotels,” Mr. Schrager says, adding COMPANY Ian Schrager Co. execs to get Gramercy, that it will be “a smarter version of MARK TAMIS (right) Four Seasons.” other projects in order TITLE Executive vice president Many connections AGE 43 BY LISA FICKENSCHER mr. lundahl was hired this sum- mer to run the refurbished Gramer- SCOTT LUNDAHL t has been 10 years since cy Park. Mr.Tamis,as executive vice TITLE General manager, Mark Tamis and Scott Lun- president of Ian Schrager Co., over- Gramercy Park Hotel dahl were hunkered down in sees that hotel as well as the dozen Nevis,West Indies,riding out or so projects in the pipeline.He was AGE 47 a hurricane at the Four Sea- most recently area vice president Isons Resort, where they were both and general manager of the Delano managers. in Miami’s South Beach. Mr. corporate accounts for the Gramer- Though they overlapped at the Schrager developed and owned that cy,where only 20% of guests are busi- property for only a month—Mr. property as part of the Morgans ness travelers. The rest are leisure Tamis left to take a position at the group, which he later divested. travelers and celebrities,who flock to Four Seasons in Newport Beach, “I had always kept in touch with the hotel’s exclusive Rose Bar.

Calif.—their relationship endured. Ian after he sold his portfolio,” Mr. To make the Gramercy more buck ennis They are now together again, Tamis says. cost-efficient, Mr. Lundahl is con- working in Manhattan for leg- That connection would be fortu- sidering job-sharing for some of its occupied by Wakiya, which will admits that he “didn’t like small endary hotelier Ian Schrager, and in itous for his former colleague, Mr. 400 staffers. close Dec. 21. town living.” He was drawn to Cal- the eye of a different kind of storm. Lundahl. Mr. Tamis knows the challenges ifornia after graduating from Iowa The Studio 54 impresario,who is “Scott was the first person I rec- No reductions of operating a restaurant first-hand. State University with a degree in credited with founding the boutique ommended to Ian” when the GM mr. schrager opposes lowering In the early 199s, he and his wife business administration and landed hotel genre, has tapped the execu- position at the Gramercy became room rates, which start at $545.“It’s opened a spot in Santa Barbara that his first hotel job in Beverly Hills as tives because of their experience available,Mr.Tamis says.Mr.Tamis a bad move,because when the econ- lasted only a year and cleaned them a garage manager.He now resides at running Four Seasons properties. came on board a few months later, omy gets better, you’re stuck,” he out financially. After the ill-fated the Gramercy with his wife. Mr. Schrager is counting on their leaving his wife and three young says. The property’s Web site offers venture, Mr. Tamis, a graduate of Mr. Schrager says he plans to elite training to help him improve children in Miami, to which he re- discounts of 15% to 20% on book- Cornell University’s School of Ho- bring on more Four Seasons execu- his Gramercy Park Hotel and to de- turns on weekends. ings made 21 days in advance. tel Administration, reverted to his tives. “The real effort here is to get velop more hotels, which he plans The recession is a major concern The hoteliers are also mulling original focus. better with service,” he says. “We despite thetwc_5cx6.ai economic headwinds. 11/18/08 12:08:20for PMthe duo, who want to land more new dining concepts for the space Mr. Lundahl, an Illinois native, can be more attentive.”

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November 24, 2008 | Crain’s New York Business | 33 CNYB 11-24-08 A 34 11/20/2008 8:38 PM Page 1

BUSINESS LIVES

EXECUTIVE MOVES

ACCOUNTING & CONSULTING Patricia Johnson, 36, joined as director of Humphrey, 59, joined as executive AlixPartners: David Bassuk, 41, joined as learning. She had been a staff director. He was formerly assistant HOT JOBS managing director. He previously was on development facilitator at Greenberg executive director, external relations, at the board of directors at Kurt Salmon Traurig. Little Flower Children and Family Associates. Michael J. Moss, 46, joined as senior tax Services of New York. WANTED: CHIEF EXECUTIVE Bryan Eshelman, 37, joined as managing manager. He was formerly senior tax Hebrew Home at Riverdale: Luz D. director. He was formerly vice president manager at Graf Repetti & Co. Liebeskind, 45, joined as chief financial ORGANIZATION Jewish Coalition for Service at Kurt Salmon Associates. Ernst & Young: Tony Salameh, 40, was officer. She was formerly deputy JOB DESCRIPTION Oversee the relaunched national nonprofit and Analysis Group Inc.: Maureen M. promoted to partner from senior controller at the Metropolitan Museum Chakraborty, 40, was promoted to manager. of Art. implement its mission managing principal from vice president. Marcum & Kliegman: Michael Greenwald, MOST IMPORTANT TASKS Raise funds, develop partnerships with ERE: Steven Blumenthal, 54, joined as 55, joined as partner. He had been LAW different volunteer organizations and hire staff director of tax. He was formerly director managing director at UHY New York. Akin Gump Strauss Hauer & Feld: Jessica of tax at Weinstock Lion & Co. Cherry, 43, will be promoted to partner CREDENTIALS NEEDED A minimum of 10 years of leadership ADVERTISING & COMMUNICATIONS from counsel, effective Jan. 1. experience in private or nonprofit sector; a background in service or AdMeld: Michael Barrett, 46, joined as Leon B. Hirth, 39, will be promoted social justice work EXECUTIVE PROMOTIONS chief executive. He previously was to partner from counsel, effective The fastest way to get an announcement into executive vice president and chief Jan. 1. SALARY Highly competitive; at least $100,000 Crain’s is to submit details online. Fill out the form revenue officer at Fox Interactive Media. Cleary Gottlieb Steen & Hamilton: David RECRUITER On-Ramps at www.crainsnewyork.com/submit. The Arnell: Carlos Arana, 44, joined as Aman, 40, will be promoted to partner Executive Moves column is also available online. president. He was formerly managing from associate, effective Jan. 1. DOWNSIDE Job requires travel at least 50% of the time for the first two director at José Cuervo International. Adam Fleisher, 33, will be promoted to years CarryOn Communication: Laura Sturtz, partner from associate, effective Jan. 1. 53, joined as president. She had been Joon Kim, 37, will be promoted to partner UPSIDE Opportunity to shape an organization chief marketing officer, North America, from associate, effective Jan. 1. The Jewish Coalition for Service’s mission is to inspire Jewish young at Euro RSCG Worldwide PR. Glenn McGrory, 38, will be promoted to adults between 18 and 24 years old to dedicate time to full-time Lippincott: Rick Wise, 44, will be partner from associate, effective Jan. 1. promoted to chief executive from senior Christopher Moore, 37, will be promoted volunteering. The nonprofit relaunched in August with funding from partner, effective Jan. 1. to partner from associate, effective Jan. 1. organizations such as the Charles and Lynn Schusterman Family Marcus Group: John Margaritis, 59, Sean O’Neal, 39, will be promoted to Foundation and the Nathan Cummings Foundation. It has an operating joined as senior vice president. He had partner from associate, effective Jan. 1. budget of $5 million, which is projected to grow to $14 million by 2014. been the owner and president of Elizabeth Lenas, 41, will be promoted to —AMANDA FUNG Margaritis Associates. counsel from senior attorney, effective Waggener Edstrom Worldwide: Jaycee Jan. 1. Pribulsky, 37, joined as vice president, DLA Piper: Christopher Hall, 53, joined as global citizenship, corporate partner. He had been partner at Morgan SUPERIOR OFFICE communications practice. She was Lewis & Bockius. senior director, business development, president, production management and AVAILABILITIES formerly director, international Goodwin Procter: Kevin J. Culligan, 54, from director, business affairs, media operations, from director, production community relations, at Citigroup. joined as partner. He was formerly a licensing group. management, operations and 212.594.2700 partner at Heller Ehrman. CNNMoney.com: Liberty Carras, 32, administration. EDUCATION John P.Hanish, 44, joined as partner. He joined as senior vice president, sales. She City College of New York: Daniel E. had been a partner at Heller Ehrman. had been vice president, sales, at REAL ESTATE Lemons, 57, joined as dean of science. Loeb & Loeb: Ieuan Jolly, 32, joined as DRIVEpm. Century 21 NY Metro: Marc Lewis, 59, He was formerly associate provost and senior counsel. He had been an associate Hearst Magazines: Sarah Gray Miller, 37, was promoted to president from chief SLGREEN.COM dean for doctoral science programs at at Thelen. was named editor in chief of Country operating officer. the CUNY Graduate Center. Patterson Belknap Webb & Tyler: Jo Living magazine. She had been editor in Halstead Property: John D. Goldman, 68, LIM - The College for the Business of Backer Laird, 54, joined as of counsel. chief of O at Home. joined as managing director. He had Fashion: Michael Sachs, 44, joined as She was formerly senior vice president MTV: Stephen K. Friedman, 39, joined as been executive managing director at associate vice president, student affairs. and general counsel at Christie’s Inc. general manager. He had been general Murray Hill Properties. He had been dean of campus life at the Scarola Ellis: Rachel G. Balaban, 34, manager at mtvU. Swig Equities: Eugene Flotteron, 36, was New York Institute of Technology. joined as partner. She had been a partner Rainbow Media: Charlie Collier, 39, was promoted to senior vice president, project at Sonnenschein Nath & Rosenthal. promoted to president of AMC from development, from vice president. FINANCE & INSURANCE Tarter Krinsky & Drogin: Andrew R. executive vice president and general GFI Group Inc.: Jerry Dobner, 37, was Ben-Ami, 51, joined as partner. He manager. SERVICES promoted to global head of development was previously a partner at Heller WE tv: CarolAnne Dolan, 48, joined as vice Gotham Organization: Jeffrey Kaye, 36, from head of energy trading systems Ehrman. president, nonfiction development and joined as vice president, development. development. production. She was formerly executive He was formerly a principal and founder Guardian Life Insurance Company of MEDIA & ENTERTAINMENT producer at NHNZ in New Zealand. of Sterling Kaye Development Inc. America: Philip Eichinger, 40, joined as BMI: Asad A. Jaferi, 34, was promoted to Theresa Patiri, 30, was promoted to vice —maia blume national sales manager. He had been senior vice president and national sales manager, mutual funds, at Hartford Financial Services Group. THE WEEKS AHEAD Pritchard Capital Partners: John Joyce, 49, joined as senior vice president, institutional sales. He had been vice THIS WEEK’S EVENTS (212) 826-2916, ext. 219. Center holds seminar on starting a president at Creditex Inc. NOVEMBER 25 DECEMBER 2 business. 2 p.m. to 4 p.m., 79 John St., Center for Nonprofit Strategy and Institute of Management Accountants, second-floor conference room. Free. HEALTH CARE Management at Baruch College holds New York City chapter, holds holiday (212) 618-8914 or [email protected]. Children’s Medical Fund: Steven A. seminar on capacity building for dinner and technical meeting. 5:15 p.m. DECEMBER 3 nonprofits. 4 p.m. to 6 p.m., 151 E. 25th to 8:15 p.m., Arno’s Ristorante, 141 W. Five O’Clock Club holds seminar on St., room 750. Free. Preregistration 38th St. Fee: $25 students, $40 members, handling difficult interview situations. required. (646) 660-6743 or $45 nonmembers. (212) 272-6756. 6:30 p.m. to 8:30 p.m., 11 Penn Plaza, [email protected]. DECEMBER 2 fifth floor. Fee: $50. (914) 788-5482 or New York Public Library holds workshop [email protected]. DECEMBER 1-7 on how to open and run a retail store. DECEMBER 4 DECEMBER 1 5:30 p.m. to 7 p.m., Science, Industry and New York Investing Meet-up holds New York Society of Security Analysts Business Library, 188 Madison Ave., lecture on economic predictions. 6:30 holds conference on the chemistry room 018. Free. (212) 592-7000. p.m. to 8:30 p.m., P.S. 41, 116 W. 11th BUSINESS SPACE and STORAGE industry outlook. 5:30 p.m. to 8:15 p.m., DECEMBER 2 St. Fee: $5. (212) 255-7327. 1177 Sixth Ave., second floor. Fee: $35 Smith Barney and Venable hold seminar DECEMBER 6 • Private Conference Room Rental for up to 50 Guests members, $50 nonmembers. on alternative investments for nonprofit Score NYC holds seminar on business (212) 541-4530. organizations. 8 a.m. to 10 a.m., plans. 1 p.m. to 4 p.m., Science, Industry • Newly Renovated Business Space DECEMBER 2 University Club, 1 W. 54th St. Free. and Business Library, 188 Madison • Internet and Telephone Accessibility ProMexico holds panel discussion and Preregistration required. (212) 428-5217 Ave., lower level. Fee: $45 in advance; • Short- and Long-Term Rentals with Ideal Rates networking reception. 8 a.m. to 10:30 or [email protected]. $55 at the door. a.m., Americas Society and Council of DECEMBER 3 (212) 264-4507 or [email protected]. • Upper East Side Location, Secure and Discreet the Americas, 680 Park Ave. Fee: $25 French-American Chamber of members, $40 nonmembers. Commerce, New York chapter, holds DECEMBER 8-14 Preregistration required. networking reception. 6 p.m. to 8 p.m., DECEMBER 8 Axelle Fine Arts Gallery, 547 W. 20th Brandhackers holds networking 305 E. 61st Street 444 W. 55th Street More meetings online at St. Fee: $50 members, $80 nonmembers. reception. 6 p.m. to 9 p.m., Zanzibar, New York, NY 10065 New York, NY 10019 www.cirkerhayes.com www.crainsnewyork.com (212) 867-0123 or [email protected]. 645 Ninth Ave. Free. (212) 957-9197 or 212.484.0200 212.838.2525 Email: [email protected] Click on “Events” DECEMBER 3 [email protected]. Lower Manhattan Business Solutions —maia blume

34 | Crain’s New York Business | November 24, 2008 CNYB 11-24-08 A 35 11/20/2008 9:21 PM Page 1

BUSINESS LIVES TABLE TALK by Bob Lape

ELEVATION: Chef Metaxa. Merguez sausage stars in a is friendly and helpful. And a mod- with tarator, a sauce made of bread, Efraim Nehon brings stew along with gigante beans, and estly priced wine list with bottles at garlic, homemade vinegar and olive Barbounia into the a date-honey sauce sets off seared half price from 4 p.m. to 6 p.m. and oil. Casseroles are popular, whether top rung of shrimp wrapped in golden kadief. after 10 p.m. adds to Dardanel’s al- of chicken, vegetables, brook trout, Mediterranean Entrées feature four takes on lure as a destination in tough times. salmon, shrimp or mild anchovies eateries. lamb and innovative seafood dishes. The restaurant occupies an L- from the Black Sea. Halibut spiced with paprika and shaped space that was formerly A combination platter ($19) cumin is first rate, as are grilled ke- Tarabia,where chef Aytekin Yar also holds half a dozen grilled shrimp babs of ground grouper. cooked. (Earlier, he presided over and a choice of chicken or beef shish Barbounia desserts ($10) main- Turkish Kitchen.) kabob over moist rice and grilled tain the creative beat. A decon- Mr. Yar prepares perfectly vegetables. The same sides come structed molten chocolate cake has dressed salads, including some with familiar lamb dishes like hand- Earl Grey ganache, black olive pra- tossed with calamari or octopus. chopped,cayenne-spiced adana and line,marinated prunes and Turkish- First courses ($4 to $12) lean heav- brick oven-baked,marinated tandir. coffee ice cream. Silan is a sundae- ily toward seafood from the Desserts, even those rooted in like format for milk ice cream, Mediterranean or Black seas. Even the Ottoman Empire, are the least almond–and-Rice Krispies brittle, conventional dips and cheese rolls exciting things on the menu. Bang- and shredded halvah. are flavor-forward treats. for-the-buck wines, with 30 bottles A worldly service team—our at- Small plates of golden crispy oys- under $30 and the early- and late- tentive waiter was from Goa, In- ters, mussels or calamari are served bird bargains, really grab attention. dia—replaced an overcooked flat- bread without it being requested. Good advice on an exceptional wine list also boosted our pleasure. DARDANEL ## 1171 First Ave. (between E. 58th and E. 59th streets) (212) 888-0809 www.dardanelnyc.com don’t just throw another holiday party. WINES 42 choices, 18 by the glass a ordable corporate events from $49.00*. PRICE RANGE $15-$24 WINE MARKUP 130%-200% HOURS 7 days, 4 p.m.-11 p.m. ess than a month old, this buck ennis unassuming Turkish spot on Lthe Upper East Side has its act together and is already getting strong neighborhood play. www.leisuretimebowl.com | 212.268.6909 Its food is as authentic and tasty 550 9th Ave, 2nd Floor, NY, NY 10018 Two Turks, as it is inexpensive, and the waitstaff with delights Barbounia, Dardanel since it opened in 2005. The visuals are Moorish— We’ll get you there. both specialize graceful arches,plump columns,pil- low-strewn banquettes and an open Business direction you in Med cuisine, at kitchen with a blazing grill. Mr. Nahon, a native of Israel, can actually use. different price points covers the water from Greece to North Africa. Fresh-baked Turkish let’s talk turkey. Not the one flatbread starts the meal and pro- scheduled for Thursday’s table, but vides a fine bed for Turkish lamb the one whose cuisine, along with drizzled with tahini and pine nuts. that of its Mediterranean neigh- Other meze and appetizers ($6.50 bors, is the focus of two worthy to $13.95) include the obligatory restaurants: Barbounia and Dar- grilled octopus, assorted dips and danel. They share seven-day avail- saganaki that arrives in flaming ability, are lively and informal, and take plastic. Reservations are wisely made at either. BARBOUNIA ### 250 Park Ave. South (at East 20th Street) (212) 995-0242 www.barbounia.com WINES 230 choices, 20 by the glass PRICE RANGE $22-$33 WINE MARKUP 160%-300% HOURS Lunch, Mon.-Fri., 11:30 a.m.- 4 p.m.; Dinner, Sun.-Mon., 5:30-11 p.m., Tues.-Sat., 5:30 p.m.-midnight; Brunch, Sat.-Sun., 11 a.m.-4 p.m. BARBOUNIA offers stews like merguez sausage with gigante beans. ith the arrival of chef Efraim Nahon, Barbou- ####= Outstanding nia moves into Manhat- ###= Excellent W ##= Very good New York, NY Melville, NY tan’s top tier of Mediterraneans. It has a striking ethnic atmosphere #= Good 212.981.3000 631.414.4000 and has sported a great bar scene

November 24, 2008 | Crain’s New York Business | 35 CN012548 11/11/08 5:14 PM Page 1

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